Microsoft President says the tech firm has no plans to invest in bitcoin.

The technology giant Microsoft has no plans to invest in Bitcoin any time soon, according to the firm's president Brad Smith.

Following Tesla’s $1.5 billion Bitcoin purchase, many in the crypto-community expected more Fortune 500 companies to soon follow suit. In fact, a host of names such as Apple, Oracle, and Microsoft were speculated to invest in the leading cryptocurrency. However, technology giant Microsoft is unlikely to invest in Bitcoin any time soon, according to its executive team’s senior member. In an interview with CNN’s Julia Chatterley, President Brad Smith revealed that the company hadn’t made any changes to its investment policy so far.

 

Microsoft has no immediate plans of investing in the leading cryptocurrency. 

Microsoft has no immediate plans of investing in the digital asset, Brad Smith revealed. “I haven’t heard any new conversation about Bitcoin,” he noted. It should be noted, though, that unlike Microsoft, there might be other companies more inclined towards investing in cryptocurrencies such as Bitcoin, especially since most aim to minimize any downside risk to their earnings. Earlier CoinGecko’s Bobby Ong opined that the next company to look out for would be Twitter. Its CEO, Jack Dorsey, is a known proponent of Bitcoin. The other company he leads, Square had already purchased $50 million worth of Bitcoin in 2020. 

 

Bitcoin continues to gain mainstream exposure. 

Since Tesla’s investment in the leading cryptocurrency, many major companies are expected to follow the lead. The recent bull rally has provided massive mainstream exposure to the crypto industry, especially bitcoin. The entire market cap of all cryptocurrencies reached above $1.5 trillion this week, which is higher than the entire GDP of Australia. Big Tech companies such as Facebook, Alphabet, and Amazon are also speculated to invest in Bitcoin. The leading cryptocurrency has been on a massive winning rally this year as it continues to reach new all-time highs frequently. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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