Brad Smith, the Microsoft president, said that the firm has no plans to make Tesla-like moves into the bitcoin market. However, he never excluded the possibility of the company putting bitcoin on its balance sheet someday.
Microsoft is the second-biggest company in the US. For now, it has no short-term plans to put bitcoin on its balance sheet. During a February 16 interview with CNN’s Julia Chatterley, Brad still said that Microsoft might still change its mind about a BTC investment in the future.
When asked whether Microsoft is discussing any crypto diversification plans after Tesla’s $1.5 billion investment in BTC, Smith said that he is not aware of such discussions:
“I haven’t heard any new conversation about Bitcoin. But let me just say, if we change our investment policy on Bitcoin, Julia, you will be the first or at least the second to know.”
Bitcoin’s market cap has been rising since November 2021, and in the process, it has exceeded some of the biggest American companies. Based on previous reports, Bitcoin exceeded Tesla’s valuation, which is currently about $808 billion. Bitcoin rose past Tesla shortly after the car-maker announced its huge bitcoin investment.
After bitcoin’s historic surge above $51,500 on February 17, BTC’s market cap stands above $940 billion at the time of writing. BTC must double its market cap to reach Microsoft’s market valuation, which amounts to around $1.8 trillion at publishing time.
JPMorgan Chase co-president Daniel Pinto on February 12 alleged that his firm will get involved in bitcoin in the future as a result of increasing demand. In the past, JPMorgan strategists said that Tesla’s Bitcoin purchase might not catalyze many other similar investments as a result of bitcoin’s high volatility.