Crypto may be crashing government parties across the globe, but Big Tech? They’re not ready to say, “I do.”
Microsoft shareholders just voted against adding Bitcoin to the company’s treasury. Even a sales pitch from Bitcoin hype man Michael Saylor couldn’t sway them. Bitcoin’s volatility was too much for the board’s liking.
Meanwhile, Amazon’s shareholders also urged the company to hold a minimum of 5% of its assets in Bitcoin. But no delivery on that yet. Other Big Tech members (Google-owner Alphabet, Meta and Apple) have also stayed clear of the OG crypto.
While Big Tech dithers, incoming US president Donald Trump has promised setting up a strategic US Bitcoin reserve, while Russia and Brazil are mulling similar moves.
Waiting for a hug
Big Tech’s awaited embrace of crypto is the next big thing for crypto mainstreaming.
This has precedent. Bitcoin’s earlier highs this year were fueled by traditional finance players like BlackRock jumping in. Within weeks of TradFi firms winning approvals for their spot bitcoin exchange-traded funds in January 2024, BTC hit record highs.
If Big Tech follows, crypto could see soaring prices, more legit innovation, and, crucially, a higher degree of trust from the public.
TradFi’s handshake, short of a full embrace, has been followed by financial watchdogs taking a more tolerant view of crypto.
In just the past few days, New York’s financial regulator has approved Ripple’s RLUSD stablecoin, and the UAE has given approvals to Tether and Circle, the world’s largest and second-largest stablecoins.
But Big Tech’s embrace could legitimize crypto in a way that no number of regulatory approvals can.
What’s HODLing Big Tech back
Volatility aside, the rules for crypto in the US are still not clear enough for Big Tech to make a play, experts say.
“Big Tech will move but right now it is rightfully being very cautious because regulations are not clear,” Blockchain firm Tassat’s chief product officer and former JP Morgan banker Glendy Kam, tells MONIIFY.
These firms also answer to shareholders who typically value stability over risk, explains Iliya Kalchev, dispatch analyst at crypto firm Nexo.
Pair that with regulatory, operational, and reputational hoops, and Bitcoin on the balance sheet feels like a moonshot right now.
Missing the boat?
Big Tech’s shyness isn’t new, but with Bitcoin smashing the $100K milestone on the back of Trump’s win, is an opportunity to buy-in being missed again? Fundstrat Capital says the OG crypto will touch $250K in 2025.
It will be “mighty helpful” for everyday consumers if legacy institutions adapt and adopt, for faster deployment of practical applications of digital assets, XChain Managing Director Haydn Jones tells MONIIFY.
That being said, the scrutiny Big Tech is already facing in the US, might make a full embrace of crypto a riskier play than it seems.
As it stands, with the cool kids of Big Tech still not sold on crypto, the industry’s journey from the odd one out to mainstream will be gradual. But when it does, it will be a seismic shift.
For now, crypto’s got a VIP pass to the gala but an invite to the Big Tech Table still eludes it.
