McDonald's rejected the cryptocurrency ambitions of its shareholders

McDonald's legal team submitted a request to the U.S. Securities and Exchange Commission (SEC) to determine whether the company could ignore a proposal to acquire bitcoins without consequences. And it seems that the regulator supported this position.

The story began when the National Center for Public Policy, a think tank and shareholder of McDonald's, sent a letter to the management of the famous fast-food chain urging them to invest in the first cryptocurrency.

"McDonald's is widely viewed - including by former CFO and President Harry Sonneborn - as a real estate company that sells hamburgers," the proposal from the National Center states. "Real estate has been a much more reliable store of value than cash and bonds, but it will not grow over time as much as bitcoin, nor does it have the same liquidity. As more companies add bitcoin to their balance sheets, if McDonald's does not follow their example, it will fall behind those who were once leaders."