The cryptocurrency market, including Bitcoin, Ethereum, XRP, and BNB, has been trading sideways recently as it braces for a potential $17.7 trillion shakeup originating from Wall Street. The price of Bitcoin has faced downward pressure since the Federal Reserve initiated its tightening cycle in late 2021, and this trend might continue, affecting the broader crypto market valued at over $1 trillion.
In an unexpected turn of events, a leaked internal document from tech giant Microsoft has sent ripples across the crypto community. The leak, which surfaced on the Resetera gaming forum this week, revealed a May 2022 Xbox roadmap that includes plans for crypto wallet support.
The leak has been attributed to documents related to the Federal Trade Commission’s lawsuit to block Microsoft’s proposed $69 billion acquisition of Activision Blizzard. These documents were posted without proper redaction, leading to the unintentional disclosure.
Phil Spencer, the head of Xbox at Microsoft, acknowledged the leak in a memo to the company’s staff. He stated,
“Several documents submitted in the court proceedings related to our proposed acquisition of Activision Blizzard were unintentionally disclosed. I know this is disappointing, even if many of the documents are well over a year old and our plans have evolved.”
The leaked documents outline a future “ecosystem generation” comprising consoles, phones, web browsers, a handheld system, PCs, a “cloud console,” as well as support for artificial intelligence and machine learning. However, this ambitious project is not scheduled for release until 2028 and may undergo changes before then.
Spencer further addressed the situation on Twitter, emphasizing that the leaked plans do not fully reflect the current state of their work. He assured that the company would unveil its actual plans when it’s ready.
Speculation has long swirled around major tech companies like Microsoft, Apple, Amazon, Google’s parent company Alphabet, and Meta (formerly Facebook) regarding their potential entry into the cryptocurrency space. While traditional Wall Street institutions such as BlackRock and JPMorgan have cautiously ventured into the world of crypto, Silicon Valley firms have been wary following Facebook’s ill-fated attempt to launch its own stablecoin.
In 2019, global regulators and central banks united to thwart Meta’s plans for a private, global cryptocurrency, fearing that it could challenge the economic influence of the Federal Reserve, given its massive user base of over 3 billion people worldwide. The leaked documents suggest that Microsoft might be considering a different path, raising intriguing questions about the tech giant’s role in the evolving crypto landscape.
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