On December 10, Eastern Time, Microsoft shareholders voted down a resolution to allocate part of the company's balance sheet funds to Bitcoin, which has attracted widespread attention.

Despite the proponents' strong advocacy for Bitcoin's anti-inflation potential, Microsoft's management emphasized that Bitcoin's high volatility makes it unsuitable as a safe haven for company assets. The board's stance indicates that, in the current economic environment, companies remain cautious about emerging assets.

1. Who is Pushing for Bitcoin's Entry into Microsoft's Assets

The proposal was put forward by the American conservative think tank National Center for Public Policy Research (NCPPR), stating that "Microsoft cannot miss the next wave of technological innovation, and Bitcoin is part of that wave." NCPPR believes that the current economic environment is filled with uncertainty, and inflation is significantly eroding corporate profits. In their view, although Bitcoin is highly volatile, it is a potentially excellent tool for hedging against inflation.

NCPPR's suggestion is not radical; they only requested Microsoft to evaluate allocating at least 1% of its assets to Bitcoin. Behind this small percentage proposal is confidence in Bitcoin's anti-inflation characteristics. However, the Microsoft board did not agree with this.

2. Microsoft's Stance: Stability Over Risk

Although the proposal received support from some investors, such as global asset management giant BlackRock, which holds 7% of Microsoft shares, the Microsoft board chose to firmly oppose it.

Microsoft's reasons for opposition are straightforward: companies need stable and predictable investments to maintain liquidity and operating capital, and Bitcoin's high volatility does not meet this requirement. Microsoft's Chief Financial Officer further explained that while Microsoft has an open attitude towards cryptocurrencies and even accepted Bitcoin as a payment method a decade ago, liquidity remains a key priority in corporate asset allocation.

3. Voting Results: A Barometer of Market Sentiment

Real-time betting data from Polymarket indicated that the probability of the proposal passing was only 13%. The final result confirmed the market's judgment, as Microsoft shareholders voted down the proposal.

Although this outcome was anticipated, the Bitcoin community still felt disappointed by the event. Many believe this signifies that there is still a long way to go for companies to accept Bitcoin as a core asset allocation tool.

4. What If Microsoft Said "Yes"?

If Microsoft had approved the proposal, it might have used at least $780 million from its $78.428 billion cash reserves to purchase Bitcoin. This move would further boost BTC prices.

The reality, however, is that Microsoft chose to wait and see. This outcome may not have a short-term impact on Bitcoin prices, but in the long run, Microsoft's rejection could delay the adoption of Bitcoin in corporate asset allocation.

5. New Battleground: Amazon's Bitcoin Experiment

Interestingly, NCPPR was not discouraged by Microsoft's rejection. They have submitted a similar proposal to another tech giant, Amazon. This time, they suggested that Amazon allocate 5% of its total assets to Bitcoin.

This strategy indicates that NCPPR firmly believes Bitcoin will eventually become a core component of corporate asset allocation. Although this process currently seems arduous, their efforts are continuing to attract market attention.

6. Future Possibilities: Can Bitcoin Break Through?

Microsoft's rejection sends a signal to the market: even large companies that are open to technology will remain extremely cautious in asset allocation. However, historically, every significant change takes time.

Will Bitcoin ultimately win the favor of mainstream companies? This may depend on several factors:

• Market maturity: As the Bitcoin market gradually stabilizes, its volatility may decrease, thereby enhancing its appeal as a corporate asset.

• Macroeconomic environment: If inflationary pressures continue to rise, companies may reassess Bitcoin's anti-inflation capabilities.

• Regulatory environment: Clearer and more favorable regulatory policies may reduce companies' concerns about allocating to Bitcoin.

Conclusion: Patiently Awaiting Bitcoin's "Mainstream Acceptance"

Microsoft's rejection of the Bitcoin allocation proposal indicates that Bitcoin is still some distance from becoming a mainstream choice for corporate asset allocation. However, this event also shows that market interest in Bitcoin has never waned. As technology and market conditions evolve, companies may gradually accept this emerging asset.

For Bitcoin supporters, the key is patience. After all, any revolutionary technology or tool often requires time to move from skepticism to acceptance and then to widespread adoption. In the future, we may see Bitcoin truly take the stage as a corporate asset, adding more possibilities to the global economy.

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