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As leading tech companies like PayPal and Tesla moved to bitcoin, industry observers are looking at Apple as the next big firm to move to cryptocurrency. Will it really add Bitcoins on its balance?
Apple, the world's largest company by market capitalization has remained relatively neutral on bitcoin over the years, despite a growing number of its leading competitors making various forays into the cryptocurrency and blockchain space.
Google has partnered with several companies specializing in cryptography.
Microsoft has launched the Identity Overlay Network (ION), built on the bitcoin blockchain. And in 2020, it filed a patent for a crypto mining system.
Amazon plans to launch its own cryptocurrency project and recently announced that the managed blockchain now supports Ethereum. In 2017, Amazon Technologies also acquired a number of domain names focused on cryptocurrency and Ethereum.
Tesla CEO and self-proclaimed dogecoin fan Elon Musk recently showed his support for bitcoin by buying $ 1.5 billion as part of his electric car company's new investment policy. The announcement sent the cryptocurrency market soaring by more than $ 90 billion and raised hopes that other companies, including Apple, could soon follow suit.
Former Goldman Sachs chief executive Raul Pal said in a YouTube broadcast late last year: "I would be surprised if in five years, Apple, Microsoft and others don't have cash in Bitcoin."
Apple first came under the scrutiny of the crypto community in 2012 after two bitcoin apps were removed from the App Store on the grounds that "apps must meet all legal requirements anywhere they become available to users." Despite arguments at the time that there were no legal requirements for bitcoin and other digital assets, Apple remained unwavering in its decision.
Only much later, in 2014, Apple reconsider its position on bitcoin and crypto applications. After a number of other crypto-focused apps, including the Coinbase mobile app, were downloaded from the App Store, Apple announced plans to change its anti-crypto policy in June of that year during its annual Worldwide Developers Conference in San Francisco.
In 2020, Coinbase CEO Brian Armstrong took Twitter to speak out against Apple's restrictive App Store policies.
Apple allegedly said that the unbuilt software in the Coinbase app, which simplifies cryptocurrency transactions is not suitable for the App Store.
Armstrong replied: "Apple, it's time to stop holding back innovation in cryptocurrency. We would like to work productively with you on this." Apple has called for launching its own cryptocurrency exchange.
A recent report released by RBC Capital Markets brought attention back to Apple and Bitcoin, and served as a catalyst for new talk about the tech company entering the digital asset market.
The report makes the case that Apple is using its 507 million Apple Pay user base to launch its own cryptocurrency exchange service that's similar to PayPal's closed cryptocurrency payment system.
"If a company decides to go into the cryptocurrency exchange business, we think it can immediately gain market share and undermine the industry," he added. Apple's installation base is 1.5 billion, and even if we assume that only 200 million users will make transactions, this is 6.66 times more than Square... Therefore, the potential revenue opportunity may exceed $ 40 billion per year (the possibility of a 15% increase in revenue)."
While this hypothetical situation may have some merit, it is worth repeating that Apple has not voiced any intentions to launch a cryptocurrency exchange or add Bitcoins to its balance. At this point, it's just only wishful thinking.
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