Microsoft Backpedals on Bitcoin Payments Decision

Microsoft will again accept Bitcoin as a payment method for its Windows and Xbox internet stores, writes News.com.au, citing a company spokeswoman. On Monday, the tech giant halted Bitcoin transactions because of the cryptocurrency’s instability, which caused much agitation among the crypto community.

However, the US tech behemoth is apparently welcoming the cryptocoin back.

Official Statement

“We’ve restored Bitcoin as a payment option in our store after working with our provider to ensure lower bitcoin amounts would be redeemable by customers,” the spokesman confirmed for News.com.au.

Fortune also received confirmation from a Microsoft representative.

Currently, Bitcoin is priced at around $13,600, but it has shown some excessive volatility over the past few weeks. Its instability, coupled with several critical comments in preceding weeks, prompted Microsoft to take a stance and stop accepting Bitcoin payments for its Windows and Xbox e-stores.

After the New Year, former businessman and politician David Stockmans said that Bitcoin would suffer a “spectacular crash” and was a “gimmick” fooling “stupid speculators.”

At the end of December 2017, all major Asian central banks expressed concerns over the largest cryptocurrency by market cap. Japanese and South Korean regulators were also critical of it despite the fact that these two countries are among the crypto friendliest ones.

Microsoft’s indecision over Bitcoin payments follows a similar situation with video gaming provider Steam. Last year, Steam announced that it would halt Bitcoin payments given the high fees and volatility, but the company also said it would revisit its decision at a later date.