Microsoft has no plans to buy Bitcoin yet, says the company’s Head
While many tech giants embrace the idea of adding Bitcoin to their balance sheets following Tesla’s $1.5B purchase, Microsoft has revealed that it has no such plans yet. The company’s Head, Brad Smith, recently refuted all assumptions about the firm joining the BTC trend.
Seemingly, all eyes are now on Bitcoin and other tech giants just after Tesla bought BTC in January. Although Tesla is not the first major firm to enter the BTC space, it received significant attention because of its status and, perhaps, its CEO – Elon Musk. Tesla’s purchase also prompted traditional media outlets to question other executives about their views and plans on Bitcoin. Knowing that most companies used to be skeptical about digital currencies, there have been a few exceptions lately.
However, Microsoft is not one of them. While on CNN, Brad Smith revealed that “there is no new conversation on Bitcoin” within Microsoft. He further promised to inform the public when the company changes its stance on buying BTC.
Microsoft and Bitcoin’s story so far
Microsoft already has a positive history with Bitcoin. Although it does not plan to add it to its balance sheet, it enabled users to use it as a payment method for some of its products back in 2014. It was one of the first global companies to do so, which opened the door for others such as Overstock and Newegg.
The company reportedly launched a beta version of its open-source decentralized identifiers (DIDs) network on Bitcoin’s main net. It is described as a technical component that “makes decentralized identity possible.” This initiative called ION works on a Layer-2 network solution on the BTC blockchain.
There are also some adverse memories, as a former Microsoft employee used accounts and passwords of others to steal about $10 million in BTC and employed various Bitcoin mixers to hide any possible traces. Nevertheless, he was caught and was sentenced to nine years in prison.