Microsoft Isn’t Planning a Large Bitcoin Investment, Its President Clarifies
Microsoft’s president Brad Smith has revealed the tech giant is not planning on making a large Tesla-like investment in the flagship cryptocurrency bitcoin, even though the firm has been supporting bitcoin payments for years.
During an interview with CNN’s Julia Chatterley, Smith refuted assumptions Microsoft could be next in making a large investment in cryptocurrency, pointing out he has not heard any new conversation regarding BTC after Tesla’s investment was announced.
As CryptoGlobe reported, Tesla’s latest annual report (on Form 10-K), which has been filed with the U.S. Securities and Exchange Commission (SEC), the electric car maker has already invested $1.5 billion in Bitcoin. The electric car marker is also planning on accepting bitcoin payments.
Tesla’s investment followed that of other publicly traded firms including Square and MicroStrategy, which itself used well over $1 billion to buy bitcoin. These acquisitions pushed news outlets to ask other company executives about their views and plans on the flagship cryptocurrency.
While Microsoft’s president clarified an investment is not being discussed, he pointed out he will make it public once the company starts changing its stance on converting some of its cash reserves into BTC.
Microsoft started accepting bitcoin payments back in December 2014, months after adding a bitcoin currency converter to its search engine Bing. The tech giant became one of the first companies to accept BTC, along with Overstock and Newegg. While at one point Microsoft dropped its BTC payments option, it brought it back shortly after.
The company has over the year filed for patents related to the cryptocurrency, and launched a beta version of its open-source decentralized identifiers (DIDs) on Bitcoin’s mainnet. It offers blockchain-as-a-service solutions and has recently partnered with Enjin to bring cross-platform custom NFTs to Minecraft.
Featured image via Unsplash.
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