Brad Smith, Microsoft president, recently disclosed that the company has no intention of buying Bitcoin now. Smith made this statement on CNN adding that there were no internal discussions going on about buying cryptocurrency, Bitcoin in particular.
Why Will Microsoft Not Invest In Bitcoin?
The cryptocurrency Bitcoin has been gaining momentum since the start of the year. The price reached several ATHs and the prices fluctuated. However since the sensational $1.5B investment by Tesla’s Elon Musk, the price has skyrocketed.
Despite these facts and many celebrities investing in Bitcoin, the microsoft firm has said it isn’t interested in it just yet.
The microsoft president said if peradventure there are discussions on a potential buy, he would alert the general public.
Microsoft and Bitcoin
The tech firm is not oblivion of the cryptocurrency, as a matter of fact it has quite a history with it.
As far back as 2014, Microsoft had enabled its clients to utilize the cryptocurrency as a payment method for part of its products.
As at then it was one of the first big companies to have allowed such. It gave other firms like, Overstock and Newegg the incentive and they followed suit.
Microsoft recently launched a beta version of its open-source, decentralized identifiers (DIDs) network on Bitcoin’s mainnet. The DIDs is named ION. Its system works on a Layer-2 network solution on the BTC blockchain. The whole idea of ION is to actualize the goal of being able to simplify decentralized identity.
The software company like many others has suffered what sceptics think is the adverse effect of Bitcoin. A previous staff at the company used accounts and passwords of others to illegally take about $10 million in BTC. The former staff also used different Bitcoin mixers to shroud any potential traces. However, he met his waterloo and was sentenced to nine years in jail.
