Apple Sees a Long Term Potential in Crypto
Last updated on November 1st, 2022 at 02:34 pm
Many who are siloed in the cryptocurrency space often wonder about mass adoption.
What will it take to happen?
How long before crypto replaces fiat?
The list of questions goes on and on…
So when we hear about many companies and banks showing a growing interest in crypto, it’s easy to get excited… and frankly, start wondering exactly where our favorite companies stand regarding our space.
There is little argument that Apple is one of the largest, most influential companies in the tech sector. The company has been one of the biggest players in the smartphone industry since they introduced their phone to the world back in January 2007.
Since that time, Apple has expanded it’s footprint in many areas. One of the most notable was its move into mobile payments, after it released Apple Pay back in 2014.
Apple didn’t stop there… their most recent payment venture was the launch of the Apple Card thanks to its partnership with Goldman Sachs.
So, many in the crypto space are left speculating… where exactly does Apple fall with it’s opinion on Bitcoin and cryptocurrency.
Well, according to Apple Pay’s VP, Jennifer Bailey, Apple sees potential in cryptocurrency, but that they are only watching the industry for now, and that there are no plans or projects involving crypto currently in the works.
Bailey stated that Apple sees cryptocurrency as interesting, but that its primary focus is on what consumers are interested in using today.
Apple Not Going Crypto
Over recent years, many major companies have created partnerships with crypto and blockchain companies, not wanting to be ‘left behind’ by this disruptive movement.
Unlike many of these companies around the world, Apple managed to go through the crypto and blockchain craze without building ties with any of these projects. In fact, Bailey’s statement is the first time that any of the Apple officials ever admitted that they are actually noticing cryptocurrency and blockchain technology.
If history is to be our guide, it would seem that Apple never wanted much to do with cryptocurrencies. It does not even allow crypto miners on its app store. However, it did permit exchanges and wallets.
But, when asked about potential types of applications that Apple might be willing to consider, Bailey said that QR code-based systems and cryptocurrencies might be used as alternatives to credit cards, especially when it comes to smaller businesses that must pay for each swipe.
QR code payment solutions are already used in China, and cryptocurrency holds long-term potential, according to Bailey, which is why she expects to see a shift towards these solutions in time.
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