The cryptocurrency community isn’t even surprised that Microsoft shareholders rejected the proposal to diversify the big tech behemoth’s investment portfolio to include Bitcoin, and BTC, as expected, moved on.
From plunging to $94,000 amid news that Microsoft shareholders don’t want a BTC investment strategy, Bitcoin quickly bounced back late Tuesday and is trading above $97,000 as of early Wednesday.
So Why Did Microsoft Reject the Proposal?
Microsoft’s Chief Financial Officer Amy Hood explained during the virtual annual meeting Tuesday morning that the company’s board and treasury team “looks at all the asset classes available to us” and indicated that the company is still watching “the evolution of crypto.”
She did not specifically pinpoint whether the board is skeptical of Bitcoin but instead emphasized how liquidity is important when it comes to Microsoft’s cash.
Ahead of the Dec. 10 shareholders vote, the Microsoft board of directors urged shareholders to vote against the “unwarranted” proposal to invest in BTC, saying it was already considering the notion carefully.
Microsoft’s rejection of the world’s largest cryptocurrency by market cap came even after Bitcoin maximalist Michael Saylor pitched a strategy to the tech leader.
In his three-minute presentation, Saylor pointed out that Microsoft “can’t afford to miss the next technology wave.”
However, crypto users on X believe Microsoft will do just that: enter the market late, as it has done with other tech developments in the past.
Crypto Users Blast Microsoft’s History of Missing Tech Waves
Crypto users are now discussing Microsoft’s latest decision, with many saying the big tech company has a long “track record” of missing out on tech innovations.
One user described Microsoft’s misses as being “longer than a CVS receipt.” CVS Pharmacy’s receipts are infamous for being long, unlike those from other drugstores. “Betting against Bitcoin feels like betting against the internet back in the 90s,” the user added.
Many other users pointed out that the company has been rejecting “lifetime opportunities.”
Other users mentioned that the rejection will only build up, leading to FOMO (fear of missing out) and Microsoft will “get Bitcoin at the price they deserve,” which may be much higher than it already is at this point.
A Look Back at Microsoft’s Tech Misses
In the late 1990s, search engines were the craze. Google immediately grabbed the opportunity and remains the market leader to this day. Microsoft attempted to compete, but too late, when it launched Bing.
Once again in the early 2000s, smartphones and mobile devices revolutionized tech-human interaction. Apple sped past Microsoft with its iPhone. Even with Microsoft’s Windows Phone, the big tech company failed to take a bite out of the mobile wave entirely.
On the other hand, Microsoft has a leading hand in the AI revolution due to its partnership with OpenAI. Quite interestingly, the convergence of AI and crypto is on the rise. It remains to be seen whether Microsoft will jump in if the AI-crypto combo blows up to become the biggest segment in blockchain technology.
Meanwhile, Bitcoin quickly picked up from its heartbreak following Microsoft’s rejection. The coin increased by 0.6% after shedding some $3,000 earlier in the day amid the sad news. Despite the bloodbaths over the last few days, the king of all crypto remains up by over 130% in the past year.
The post Bitcoin Shakes Off Microsoft Snub; Crypto Blasts Tech Titan’s History Of Missing Out appeared first on International Business Times.
