Everyone in the crypto market would be on the lookout to see the next big entity that will dabble into leading digital assets. Recently, Tesla announced that it had bought Bitcoin worth $1.5 billion after finalizing and submitting the details to the Securities and Exchange Commission.
Compared to other firms, this is not the first time a huge purchase of the asset would happen; the purchase generated a lot of buzz due to Elon Musk’s effect on the crypto market. But while others are thinking about improving their Bitcoin holding, Microsoft has announced that it will not buy any Bitcoin for the time being.
CEO says the company is not entirely writing off buying Bitcoin
According to a statement from the firm’s CEO, Brad Smith, on CNN, the company is not looking into buying any new stocks on Bitcoin, even after investments like Microstrategy and Tesla are buying. Notably, major investment platforms around the United States have always been divided about Bitcoin since when the digital asset came into existence.
But all the same, the ones against Bitcoin have been vocal about how disastrous it is, while the ones supporting it have been buying huge stocks of the asset. Even though Microsoft is not interested in buying Bitcoin, the CEO says that if things change along the line, the firm will do well to let the general public know about its intention.
This shows that even though they are not buying during the bullish run, they are leaving the door open to buy the digital asset at another time, probably when it dips a little. In previous years, the company has shared a good history with Bitcoin since it came into existence in 2009. Microsoft has also added the leading digital asset as a payment option for customers since 2014 for users who wish to pay for goods and services using the coin on its platform.
Microsoft has had bad experiences with Bitcoin
Adding it to its platform as a payment option opened the way for several other platforms to add Bitcoin as a payment option on their website. Even with the addition as a payment option, Microsoft was not yet done with the digital asset’s adoption. The company used the Bitcoin mainnet to launch its DID.
According to Microsoft, the DID is a decentralized platform that allows them to know people’s identity and it was designed using the layer 2 solutions. Even though they have had a series of good memories with Bitcoin, some adverse ones have come with it over the years.
The news went around some months earlier when a previous employee of the firm got access to passwords of fellow employees at the firm and stole Bitcoin worth $10 million. The perpetrator used various mixers to hide his activities from the company and other employees, but he has since been apprehended and sentenced to prison for 9 years.