Microsoft shareholders rejected a proposal to the company's board of directors to consider investing in Bitcoin at the company's annual meeting on December 10th. Microsoft's board of directors had formally advised shareholders against the proposal, explaining that it had already considered and ruled out Bitcoin. investment. The proposal comes from the National Center for Public Policy Research, a conservative think tank known for its climate change denialism and ties to Project 2025.
In a result that probably won't surprise anyone but the most ardent Bitcoin maximalists, Microsoft shareholders have voted against a proposal for the company's board to consider investing in the OG cryptocurrency. The vote took place at Microsoft's annual meeting on December 10th.
This no vote follows a formal shareholder recommendation that Microsoft's board of directors oppose the proposal, which has already carefully considered investing in Bitcoin and has determined that Bitcoin is too volatile. states that it did.
The Bitcoin investment proposal came from the National Center for Public Policy Research (NCPPR), a conservative think tank best known for its advocacy of climate change denialism. NCPPR also serves on the advisory board of Project 2025, a policy group closely associated with the MAGA movement and incoming US President Donald Trump.
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Proposal based primarily on FOMO and inflation hedging
The proposal, titled “Evaluating an Investment in Bitcoin,” primarily focused on the potential benefits Microsoft could gain if it entered Bitcoin now. In the report, NCPPR acknowledged Bitcoin's volatility and recommended against holding too much, but also argued that if ignored completely, shareholders risk missing out on significant returns.
The group also argued that Bitcoin acts as a good hedge against inflation, helping to offset the risks posed by a future collapse in the value of fiat currencies such as the US dollar. The group recommended that Microsoft allocate 1% to 5% of its profits to accumulate Bitcoin.
During the shareholder meeting, a pre-recorded video by NCPPR was played in an attempt to persuade shareholders. The group attempted to generate FOMO by opening the video with the line, “Microsoft can't afford to miss the next wave of technology. Bitcoin is that wave.”
This is the same message that MicroStrategy CEO and Bitcoin advocate Michael Saylor spoke to the Microsoft board last week. “Microsoft can't afford to miss the next wave of technology, and Bitcoin is that wave.”
Unfortunately, all the talk about big profits and inflation hedging wasn't enough to convince Microsoft's board and shareholders. The software giant will likely stay out of the crypto game for the time being.
NCPPR submitted a similar proposal to Amazon's board just a few days ago, and the proposal will be considered at Amazon's shareholder meeting next April.
Naturally, many in the cryptocurrency community did not agree with the decision of Microsoft shareholders and began to mock them on X/Twitter.
A user named @CarlBMenger described himself as a “stoic Bitcoin chief HODLer” and compared shareholders to a herd of deranged orangutans.
@BitcoinArchive compared this decision to Microsoft's famously horrific misreading about the future success of the iPhone.
Other users are also lending their support. A user named Michael Fowley opined that shareholders are right to be concerned about Bitcoin increasing risk exposure for companies without significant upside.
Why would MSFT buy BTC? They are not in that business. In fact, they have a net negative US dollar.
Purchasing BTC increases volatility without increasing alpha.
— Michael Fowlie (@mwfowlie) December 10, 2024
