Microsoft has no plans to make Tesla-like move into Bitcoin, says president

Microsoft, the second largest company in the United States, appears to have no short-term plans to put Bitcoin (BTC) on its balance sheet, according to company president Brad Smith.

On February 16th Interview With CNN’s Julia Chatterley, Smith still hints Microsoft can still change its mind about Bitcoin investing.

When asked if Microsoft is discussing any plans to diversify cryptocurrencies after Tesla’s $ 1.5 billion investment in Bitcoin, the Microsoft chief said he was 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, she will be the first or at least the second to know.”

Bitcoin’s market value is gradually increasing, overtaking some of the largest US companies. As previously reported, Bitcoin’s market cap exceeded Tesla’s value by nearly $ 808 billion shortly after the company announced its massive investment in Bitcoin.

After Bitcoin’s historic move to surpass $ 51,000 on February 17, 2021, Bitcoin’s market cap is at $ 948 billion at the time of writing. Bitcoin will need to double its market value to Microsoft, which is $ 1.8 billion at the time of publication.

Bitcoin’s market value versus major companies. Source: AssetDash

On February 12, Daniel Pinto, co-chair of JPMorgan Chase, claimed that the company would eventually have to participate in Bitcoin due to soaring demand. Previously, JPMorgan strategists argued that buying BTC from Tesla wouldn’t necessarily trigger a lot of similar investments due to Bitcoin’s high volatility.