During its annual meeting on Tuesday, Microsoft shareholders voted against a resolution to incorporate Bitcoin into the company’s balance sheet.
The proposal was submitted by the National Center for Public Policy Research (NCPPR), a Washington, D.C.-based think tank advocating free-market policies. The NCPPR argued that adopting Bitcoin would align with corporate responsibility by diversifying profits and boosting shareholder value. A pre-recorded video presented during the meeting stated, “Microsoft can’t afford to miss the next technology wave, and Bitcoin is that wave.”
The decision to reject the proposal followed Microsoft’s board recommendation. The board emphasized that the company already evaluates various investment options, including Bitcoin, as part of its broader financial strategy.
Microsoft has maintained a cautious stance on Bitcoin. The company briefly accepted the cryptocurrency as a payment method in 2014 but discontinued the option in 2016 due to low usage and regulatory uncertainties. This decision aligns with the sentiments of Microsoft co-founder Bill Gates, a well-known critic of cryptocurrencies.
Bitcoin’s price fell by 3% in the last 24 hours, contributing to a broader decline in the cryptocurrency market. The global crypto market capitalization has dropped nearly 5%, now standing at $3.73 trillion, according to CoinGecko data
Image Credit: Pixabay
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