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Microsoft share price: Company adds Bitcoin payments for digital services

By:
on Dec 11, 2014
Updated: Sep 19, 2019
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iNVEZZ.com, Thursday, December 11, Microsoft Corp (NASDAQ:MSFT), the world’s largest software company, has now added Bitcoin as a payment alternative for a number of its digital services and products across its online platforms. The move has made Microsoft the biggest supporter of the digital currency in the world.

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According to the Redmond-based tech giant’s payments information page, customers in the US may now use Bitcoin to add money to their accounts, at the current exchange rate, which can in turn be used to purchase games and other digital content on its Windows, Windows Phone and Xbox platforms.
As of 11:56 GMT the BTC/USD was trading at $348.00, up 2.35 percent intraday. The cryptocurrency has lost over 50 percent of its value so far this year.
However, the addition of the digital currency as an alternative payment method is only partial. According to the announcement on the company’s website, Microsoft will not be accepting Bitcoin as a direct payment method, although a deeper integration may take place in the future.
With $86.63 billion in annual revenue and $172.38 billion in total assets, Microsoft is now the largest company in the world to accept Bitcoin. The tech giant is trying to move its business towards a new focus on services across a range of platforms under the leadership of new CEO Satya Nadella, who took charge of the company in February. In October, Microsoft founder Bill Gates told Bloomberg TV that “Bitcoin Technology is key” for the development of digital financial services.
In yesterday’s trading, Microsoft shares closed down 1.45 percent at $46.90. The company’s stock has soared over 25 percent since the start of the year.
According to the Financial Times, as of 06 December 2014, the consensus forecast amongst 53 polled investment analysts covering Microsoft Corporation has it that the company will outperform the market. The median target of the 30 analysts offering 12 month price targets is $50.50 with a low estimate of $34.00 and a high estimate of $58.00.

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