Wrong, Kibbles. The .50 BMG came about as a result of experiences in WW1 and was introduced to the US military inventory with the M1921 (which later became the M2) machinegun in 1921. It was designed to be an antiaircraft weapon similar to the 11mm Hotchkiss "Balloon Gun". Later on it was adapted to antipersonnel, antivehicular, and antistructural roles, most normally being mounted on vehicles since it's not exactly a manportable system (the gun weighs 84 lbs. minus the tripod).
One thing the .50 BMG has NEVER been though, is an antitank round.