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Apple’s Stance on Cryptocurrency

Apple’s Stance on Cryptocurrency

There are certainly some issues that have divided opinions on cryptocurrency. Many people also doubt whether cryptocurrency is a real thing, and many thoughts that pass through the heads of crypto critics that cryptocurrency is still in the phase of a whole bigger scam, that will soon fade away leaving investors stranded. One thing that both parties involved in the crypto space would agree is the rate of adoption. Most people have come a long way to embrace cryptocurrencies.

The early dawns of cryptocurrencies saw it tagged as something linked to criminal activities. Cryptocurrencies have faced sanctions and were even banned in some countries. Nevertheless, many of those have since backtracked, embracing cryptocurrencies and taking full advantage of their infinite value.

Many multi-billion tech firms have publicly shown their interest in cryptocurrencies. Facebook recently revealed its digital currency while Samsung also followed the step, creating a Blockchain “Keystore” in one of its newest phone models, allowing its users to safely store the keys to their bitcoin and crypto wallets on the devices.

Not forgetting, Apple is the latest tech giant showing interest in cryptocurrencies. Just before the launch of their new iPhone models, its senior executive stated that the company was interested in the crypto space.

“We are looking into cryptocurrency, and we think it has interesting long-term potential”, Jennifer Bailey, vice president of Apple Pay, told reporters.

As per reports, Apple is looking forward to the “next big thing” as its iPhone sales plummet in Asia as a result of competition from Xiaomi and Huawei, coming out with cheaper phones compared to theirs. With the release of its new iPhone models, the company is still looking on the lookout for a new venture to add to its already impressive list of sophisticated devices.

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Nevertheless, the interest of Apple was met with mixed signals from the public and experts in cryptocurrency. The multi-billion dollar company recently announced that it would not allow its highly new anticipated credit card to purchase any digital currency from its customers. The company stated that the decision was on an arrangement with Goldman Sachs, as part of their partnership deal.

Earlier this year, Bitcoin’s price hit a 200 percent raise as a result of interest from Facebook, Samsung, and other tech giants, so imagine what a company with a $205.5 billion worth could bring to the crypto market.

Regardless of that announcement, most crypto analysts believe the giant tech has plenty of avenues and money to reach the crypto business, and when that happens, there will be no limit to where the crypto market will grow, given the resources of Apple and the market the dominate around the globe.

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