Apple CEO, Tim Cook, made news a few weeks ago when he revealed that he personally owns cryptocurrencies and that Apple is considering it from a technological standpoint rather than a treasury standpoint. What is Apple’s plan for Bitcoin and other cryptocurrencies?
Cook admitted to owning cryptocurrencies during the interview, adding that “it’s reasonable to possess it as a part of a diverse portfolio,” but that he’s “not providing anybody investment advice.” Cook, on the other hand, made no mention of whether he holds Bitcoin or any other cryptocurrency.
Apple has ambitions for its retail financial services division. Its Apple Pay feature lets users to send money over iMessage to specific jurisdictions. It also has an Apple Wallet app for mobile payments, as well as Apple Pay services. Apple is looking to expand its services business, and syphoning off banking services is an excellent method to do it.
Apple is expected to add a Bitcoin wallet to Apple Wallet in the near future, as well as a low-cost means to buy Bitcoin on the iPhone. This entire process may appear complicated to beginners to Bitcoin, which is why Apple is predicted to handle it in one of two ways:
- Act like a stock exchange.
- Create a software wallet with a seed phrase backup on iCloud.
- For Apple Pay Cash, use the Bitcoin Lightning Network.
If Apple is a Bitcoin exchange, you’ll be able to buy bitcoin directly from the Apple Wallet app using any of your saved payment methods. They’ll let you store your assets in Apple Wallet while Apple retains control of the keys. It’ll resemble Cash App or Coinbase, in that you’ll be able to send, receive and keep Bitcoin without having to remember your seed phrase.
If Apple implements a software wallet directly on the iPhone, it will most likely resemble BlueWallet, which allows you to keep control of your Bitcoin while backing it up with a seed phrase. You’ll have direct access to your Bitcoin keys on your iPhone, and you’ll be in charge of backing up the seed phrase.
Finally, Bitcoin is establishing itself as a significant force in our world. It’s anticipated to continue to play a big role as digital gold and global settlement network due to its finite supply, decentralisation, and digitization of our financial system. As it aspires to boost services revenue and become a big player in the financial services market, Apple does not want to miss a major technological breakthrough.
It’s also possible that Apple will employ Bitcoin as a transaction layer with its online shop if the firm is concerned about the local currency’s reliability, as we witnessed in Turkey lately.