Companies - November 12, 2021

These 3 Tech Giants are Considering to Buy into Cryptocurrency

Data shows that 34 public companies have over 213,000 bitcoins as of June

November 12, 2021

4 min read

Many businesses that are early adopters of cryptocurrency have benefitted immensely amid its volatility. With the global crypto market capitalisation hovering between $2.83 trillion and $3 trillion as of the time of filing this report, and the volume of all stable coins at $96.22 billion, tech giants are beginning to take cryptocurrency more seriously.

Institutional investors and corporate treasuries are becoming more interested in the crypto market due to the amount of popularity and acceptance the digital payment system is gaining globally. According to data from CryptoTreasuries, 34 public companies have over 213,000 bitcoins as of June 28, 2021. These coins account for 1.14% of the total amount of bitcoins in circulation and are worth US$7.4 billion at the current price on June 28, 2021.

Here is a list of top companies considering buying into cryptocurrencies:

Microsoft

According to Microsoft, and researchers from Alibaba and Carnegie Mellon University have investigated “a blockchain-based incentive structure to boost anti-piracy campaigns.” The new study looked at how this new system might work on the Ethereum blockchain, with the project’s primary goal being to build a system that is both secure and transparent.

However, since 2014, Microsoft has accepted Bitcoin for use in its online Xbox Store. They initially stopped accepting it due to the volatility, but they are now accepting it again solely for Xbox store credits.

Bill Gates has frequently spoken on Bitcoin, making statements like “Bitcoin is better than cash.”

Apple

Apple CEO Tim Cook has said that the company is looking into cryptocurrencies but there are currently no plans to accept them as a means of payment on Apple Pay.

“It’s something that we’re looking at. It’s not something we have immediate plans to do,” Cook says while speaking at the New York Times Dealbook Summit. “I would sort of characterise it as there are things that I wouldn’t do, like our cash balance. I wouldn’t go invest that in crypto, not because I wouldn’t invest my own money in crypto, but because I don’t think people buy an Apple stock to get exposure to crypto. And so if they want to do that they can invest directly in crypto through other means.”

Metaverse

Metaverse, formally known as Facebook wants to integrate its platform with cryptocurrencies to create tremendous opportunities for blockchain and crypto assets. Crypto is required for the metaverse to function because, according to the tech company, blockchain is unchangeable. To this point, blockchain and blockchain systems have shown to be unhackable and irreversible, which is crucial if any virtual reality platform is to gain widespread use.