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Forget BlackRock, Here's Why Gaming Industry Could Drive the Next Bitcoin Bull Run

source-logo  coingape.com 26 September 2023 08:58, UTC

As per the recently leaked documents, tech giant Microsoft is planning to integrate a crypto wallet into its popular Xbox console. The documents also contained an Xbox roadmap dating back to May 2022, outlining intentions to incorporate a cryptocurrency wallet into the upcoming console version.

This leak is the “largest in Xbox history” due to the rarity of unredacted emails like these becoming public.

Xbox head, Phil Spencer, sent an email to Microsoft staff last Tuesday regarding the leak, acknowledging that the plans were “inadvertently revealed” as part of the FTC v. Microsoft case. Spencer said:

“I know this is disappointing, even if many of the documents are well over a year old and our plans have evolved. I also know we all take the confidentiality of our plans and our partners’ information very seriously. This leak obviously is not us living up to that expectation.”

This couldn’t be difficult for Microsoft considering that the tech giant is already making a big move in the world of blockchain.

Gaming to Drive A Bitcoin Rally

Several market analysts are excited about the gaming industry and crypto coming together. Gemini exchange co-founder Tyler Winklevoss stated that “crypto is gamer money” and that the gaming industry is bigger than the size of the music industry and Hollywood combined.

Also, Bitcoin and crypto seem to be a natural ally of the gaming industry from exchange value, earnings rewards, and other things, in online gaming. Michael Silberberg, AltTabCapital’s Head of Investor Relations, remarked that the relationship between digital assets and gaming has always been closely intertwined. This isn’t limited to just one segment of the gaming ecosystem.

In fact, in-game microtransactions contribute to nearly half of the global gaming revenue. Microsoft’s integration of cross-chain wallets in Xbox opens the door for the next wave of game developers to empower players to create and preserve tangible value within in-game universes. This facilitates genuine ownership of Bitcoin, digital assets, decentralized player-driven markets, and a reduction in digital economy fraud.

Last month, Microsoft also partnered with Aptos Lab to bring together the AI and Web3 worlds together.