Microsoft, the second largest company in the United States, appears to have no short-term plans to add Bitcoin (BTC) to its balance sheet, according to Brad Smith, the company’s president.
In a Feb. 16 interview with CNN’s Julia Chatterley, Smith still hinted that Microsoft might still change its mind about investing in Bitcoin.
When asked whether Microsoft is discussing plans to diversify cryptocurrency after Tesla’s $ 1.5 billion investment in Bitcoin, the Microsoft president said he was unaware of such discussions:
“I haven’t heard a new conversation about Bitcoin. But let me just say if we change our investment policy for Bitcoin, Julia, you will be the first, or at least the second, to find out about it. “
Bitcoin’s market capitalization is rising to overtake some of America’s largest companies. As previously reported, Bitcoin’s market cap surpassed Tesla at around $ 808 billion shortly after the company announced its massive Bitcoin investment.
Following Bitcoin’s historic move to hit above $ 51,000 on February 17, 2021, Bitcoin’s market cap is $ 948 billion at the time of writing. Bitcoin would have to double its market cap to match Microsoft’s, which is $ 1.8 billion at the time of publication.
Bitcoin’s market capitalization compared to large companies. Source: AssetDash
On February 12, Daniel Pinto, co-president of JPMorgan Chase, claimed that the company may need to be involved in Bitcoin due to increasing demand. Previously, JPMorgan strategists argued that Tesla’s purchase of BTC won’t necessarily trigger a lot of similar investments due to Bitcoin’s high volatility.
