CBS Local — Bitcoin’s roller coaster ride has taken another turn as Microsoft has reportedly dropped the digital currency as a payment option. The tech giant is claiming that Bitcoin’s “unstable” nature prompted the company’s decision.
Microsoft employees told reporters at Bleeping Computer that the cryptocurrency’s market was too volatile to keep using for online transactions. The company’s Windows store started accepting Bitcoin in 2014 but did temporarily suspend Bitcoin payments in 2016.
The move follows online gaming company Steam’s decision to drop Bitcoin as a payment option, citing the same concerns as Microsoft.
“Steam will no longer support Bitcoin as a payment method on our platform due to high fees and volatility in the value,” Steam wrote in the Dec. 6 statement. “These fees result in unreasonably high costs for purchasing games when paying with Bitcoin. The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically.”
Cryptocurrency news website CCN confirmed the decision through Microsoft’s customer support team, who claim customers have not been able to pay for items using Bitcoin since July of 2017. Microsoft’s Accounts and Billing employees blamed the end of Bitcoin payments on, “multiple issues we are receiving with regards to it.”
Bitcoin’s massive peaks and valleys have seen the digital money rise in value to nearly $20,000 per unit and fall back down to $15,000 in just a few weeks. A recent assessment by financial services firm Morgan Stanley warned customers that Bitcoin may actually have no value at all because of the shrinking number of eCommerce merchants accepting it.