Microsoft shareholders have voted against a proposal that sought to start the company's assessment of investing in Bitcoin.
The annual meeting of Microsoft shareholders started later today at 8:30 am PT.
As reported by U.Today, the National Center for Public Policy Research (NCPPR), a conservative think tank, submitted a proposal to diversify Microsoft's balance sheet with the help of the largest cryptocurrency. The think tank pointed to Bitcoin's outperformance to make its case.
Earlier this month, Michael Saylor, the executive chairman of MicroStrategy, recently pitched Bitcoin to the board of the $3.3 trillion tech behemoth.
During a recent CNBC interview, Saylor argued that Microsoft could end up adding trillions to its market capitalization if it ends up buying Bitcoin.
However, Saylor's efforts were in vain. Polymarket bettors correctly predicted only a 12% chance of Microsoft's board voting in favor of adopting Bitcoin.
It is worth noting that Microsoft's board has recommended voting against the proposal. Hence, it obviously had a low probability of passing.
James Lavish, a former hedge fund manager, is convinced that the board will regret its decision to snub Bitcoin. He also predicted that Microsoft would end up buying the leading cryptocurrency at a higher price.
Saylor previously said that he did not have any illusions about mega corporations instantly embracing Bitcoin. However, he expects the cryptocurrency to become "part of the conversation."
Earlier this week, tech giant Amazon was also urged to adopt a Bitcoin strategy.
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Arman Shirinyan
Dan Burgin
Vladislav Sopov