On crypto Twitter, the rumor persists that Apple will soon announce a Bitcoin purchase for billions of dollars. Galaxy Trading, for example, is one of many pushing the rumor. According to them, it is an amount of more than $2 billion.
– GalaxyTrading🅡 (@GalaxyTraging) July 11, 2021
The CEO of ChainLeak, however, Joshuwa Roomsburg, puts the rumored purchase total at $ 2.5 billion. Roomsburg adds: If the rumor is true, he will buy an iPhone to celebrate the occasion.
– Joshuwa Roomsburg 🌎 ⛓ ️ (@JoshRoomsburg) July 11, 2021
But with Apple’s patchy history regarding Bitcoin and cryptocurrencies: is there anything to this rumor?
Is Bitcoin too controversial for Apple?
In early February, when Tesla announced it had bought $ 1.5 billion worth of Bitcoin, BTC shot up 20% that day. The event set in motion an uptrend that peaked in mid-April at a record price of $65,000.
A similar trend is expected to occur when Apple reveals it has also bought Bitcoin. But: if you are honest, for every tweet that supports the rumor, there are just as many that refute it.
The CEO of OnChain Capital, Ran Neuner, responded with the clear statement that it will not happen – at least not anytime soon. Similarly, @Flappening dismisses the chances of Apple buying Bitcoin.
“If negative probabilities were one thing, that’s what I would give Apple’s chances of buying $ 2.5 billion worth of Bitcoin.“
DevOps engineer Alexander Ross points out that Apple is too brand-conscious and is unlikely to do anything controversial. He adds: Bitcoin investments might be a bit too much for the company.
“Apple does not do anything controversial. They are very brand conscious. Bitcoin doesn’t fit your brand ethos at this point. I wouldn’t wish for anything more ardently, but it’s too rebellious a move for them and there are too many ways for people to use it against them.“
Still, according to recent hearsay, Apple seems to be more pro-crypto. But whether that extends to a $2.5 billion investment is another matter.
Apple Job Ad Signals Crypto Interest
At the end of May, Apple advertised a job for a business development manager who deals with “alternative payments”. One of the main requirements for the job: more than five years of experience working with alternative payment providers – including cryptocurrencies.
“5 + Years of experience in or with alternative payment providers, such as digital wallets, BNPL, Fast payments, cryptocurrency, etc.”
Back then, in 2019, Apple Pay Vice President Jennifer Bailey said that Apple considers cryptocurrencies interesting and watches them with interest.
But apart from the recent job posting, Apple has not taken any affirmative steps towards Bitcoin and cryptocurrency.
RBC Capital Markets analyst Mitch Steves estimates that Apple could generate up to $ 40 billion from cryptocurrencies by implementing a cryptocurrency feature into the Apple Pay wallet.
“Apple’s installation base in 1,5 billion, and even if we assume that only 200M users would transact, this is 6,66 x larger than Square. Therefore, the potential revenue opportunity would be more than $ 40 billion per year (15% incremental revenue opportunity).”
This, according to Steves, is a safer game compared to the production of the Apple car.
Text credit: Bitcoinist
Last updated on July 13, 2021
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