Crypto News

Bitcoin worth $2bn sitting in Apple vaults? Social media says so

YEREVAN (CoinChapter.com) — Social media is flooded with rumors about Apple being the next big tech to invest in Bitcoin. While this may be just another tall tale, the company may benefit from buying the crypto. 

Chainleak’s founder/CEO, Joshuwa Roomsberg, tweeted that Apple will announce “that they have purchased $2.5B in #Bitcoin”. Of course, it wouldn’t be unusual for an innovative tech company to try its hand at cryptocurrencies. However, the market has been waiting for an investment move like this from Apple for a while.

Related: Bitcoin approaches $35K as Fed official pour cold water on tapering plans

Companies like Facebook and Amazon are set to launch their own currencies. Others have been integrating the technology into their business models: Google recently became the enterprise network validator for Theta in 2019, and Microsoft created its decentralized identity tool ION on Bitcoin’s blockchain. 

If the significant purchase actualizes, the market could feel the shakeup. Looking back, we can see how the market fluctuated following Tesla’s interest in Bitcoin, with an even smaller investment of $1.5B. Who’s to say the same couldn’t happen with Apple?

Elon Musk’s Bitcoin Tweet Hurts Tesla’s Own Bet in Currency. Source: Bloomberg.com
Elon Musk’s Bitcoin Tweet Hurts Tesla’s Bet in Currency. Source: Bloomberg.com

Are the rumors grounded?

Analysts at Coindesk believe that Apple has been paving the way for such a move for a long time. Despite its tumultuous history with blockchain and crypto-based companies, the tech giant may now join them in fellowship.

The company’s stance on the subject has changed immensely compared to its restrictions on crypto apps or even mentions of DeFi websites. Fast-forward to 2019, Apple exec Jennifer Bailey said in an interview with CNN, “We’re watching cryptocurrency… We think it has interesting long-term potential.”

Much more vigorous curiosity was expressed recently by co-founder Steve Wozniak, who dubbed bitcoin a “mathematical miracle.” Having already launched WOZX with another of his founded companies, Efforce, it would be natural for Apple to take steps in a similar direction.

Related: Blow to Bitcoin bears as daily exchange inflow drops to yearly low

Not only that, the market has been keeping a close watch on the ventures of Apple.Inc. Namely, NASDAQ refers to a recent job posting for a “Business Development Manager – Alternative Payments” that requires long-term experience working with alternative payment methods, including cryptocurrencies.

Apple predicted to gain from crypto

An investment in Bitcoin would not just be a smart move for Apple, RBC estimated in a report from February 2021. The equity research forecasted that integrating crypto into Apple Pay would generate a “quarterly revenue opportunity that is 6.66x larger than Square (the NFC payment facilitator launched back in 2010)”.

Apple Should Launch Own Crypto Exchange, RBC Analyst Says. Source: Coindesk
Apple Should Launch Own Crypto Exchange, RBC Analyst Says. Source: Coindesk

After all, Apple Pay has a vast customer base, over 43 million users, NASDAQ analysts continue. If it were to integrate Bitcoin, more retailers would be prone to accept it as a payment method, given they wouldn’t have to invest in additional infrastructure. This way, the market would not only be tapped but also multiplied.

Nevertheless, the reluctance of the tech mogul in getting involved with crypto is understandable. Digital coins, now more than ever, are rival to traditional currencies. Moreover, with dollar reserves at Apple and its multiple ventures, the effect of such a move is unpredictable.

How useful was this post?

Click on a star to rate it!

Related "Bitcoin" News