New information has come to light showing that Microsoft shareholders strongly opposed a proposal on Tuesday to invest in Bitcoin, even though the asset was described as an effective inflationary hedge.

Merely 0.55% of shareholders supported a proposal for buying and holding Bitcoin. The leading crypto by market capitalization surpassed $100,000 per coin once again on Wednesday.

According to the annual  Microsoft Investor Relations report, 28.234 million Microsoft shareholder votes were cast in favor of the proposal, compared to an overwhelming 5.148 billion against, with 22.6 million abstentions. 

Microsoft’s board of directors urged shareholders to vote down the proposal ahead of the shareholder vote, citing the cryptocurrency’s volatility.

“Bitcoin is a more volatile asset, at the moment than corporate bonds, so companies should not risk shareholder value by holding too much of it,” Microsoft said during the Go to Source to See Full Article
Author: Jason Nelson