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Microsoft adding a Bitcoin wallet to Xbox could have a big impact on the crypto industry and possibly spark the next surge in Bitcoin’s value.
According to recently leaked documents, Microsoft is considering adding a cryptocurrency wallet to its popular Xbox gaming console. These documents, dating back to May 2022, reveal plans to incorporate a crypto wallet into a future console version.
This leak is described as the “largest in Xbox history” due to the rarity of unredacted emails becoming public.
In response to the leak, Xbox head Phil Spencer sent an email to Microsoft staff, acknowledging that the plans had been “inadvertently revealed” as part of the FTC v. Microsoft case. Spencer expressed disappointment over the leak and emphasized the importance of keeping plans and partner information confidential.
This development is noteworthy as Microsoft is already making significant moves in the blockchain industry.
Gaming’s Potential Role in Fueling a Bitcoin Rally
Market analysts are excited about the fusion of the gaming industry and cryptocurrency. Tyler Winklevoss, co-founder of Gemini exchange, believes that “crypto is gamer money” and highlights that the gaming industry is even larger than the combined size of the music and Hollywood industries.
The relationship between Bitcoin, crypto, and gaming is seen as a natural fit, offering benefits like exchange value and rewards in online gaming. Michael Silberberg, Head of Investor Relations at AltTabCapital, emphasizes that digital assets and gaming have always been closely connected across various segments of the gaming ecosystem.
In-game microtransactions already contribute significantly to global gaming revenue, and Microsoft’s integration of cross-chain wallets in Xbox could open doors for game developers to enable players to own and preserve real value within in-game worlds. This paves the way for genuine ownership of Bitcoin, digital assets, player-driven markets, and a reduction in digital economy fraud.
Furthermore, Microsoft recently partnered with Aptos Lab to bridge the worlds of AI and Web3.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
