As more and more players begin to realize the potential of cryptocurrency, with the likes of PayPal entering the field, it’s now the turn of Apple to pledge its support. Asked in a New York Times interview about the possibility of native cryptocurrency support on iOS, Tim Cook said the Cupertino company was “looking into” the logistics. The future of crypto is coming.
BRINGING CRYPTO TO IOS
According to a new study from Times Magazine, the current cryptocurrency market - which is little more than a decade old - is estimated to be worth more than an eye-watering $3 trillion as consumers and businesses hedge their bets on digital currencies. They argue that excitement about the possibilities of decentralized finance and non-fungible tokens, as well as meme coins like Dogecoin and Shiba Inu, are helping to fuel a whole new generation of investors, and there’s no doubt that the COVID-19 pandemic and the ongoing political and economic uncertainty has played its own part in proceedings. Add in the fact that major players like PayPal are supporting crypto and it’s no wonder why all eyes are on Apple to make its stand on cryptocurrency. Sure, there are dozens of quality digital wallets and apps that allow you to buy, store, and earn cryptocurrency, but adding a centralized, native digital wallet to one of the world’s biggest smartphone operating systems could be the change that’s needed to really bring cryptocurrency into the mainstream and change the way we spend. And as countries like China roll out support for their own cryptocurrencies and even the Bank of England consider launching a new digital currency to side alongside GBP, now would be the perfect time for Apple to cash in and offer a platform for the world to trade from.
In a wide ranging interview with Andrew Ross Sorkin for The New York Times DealBook online conference, Tim Cook addressed cryptocurrencies head on for the first time, signalling a change in Apple’s strategy as it increasingly looks to diversify and add new revenue streams to its bow. Don’t forget the huge success of Apple Pay, which has revolutionized the way we spend around the world, and Apple Card, which serves as a genuine alternative to some of the bigger players. Crypto does, for the first time, sound like something Apple would consider. In his interview, Cook said that the company was “looking at” cryptocurrency for the first time, but he added he had no immediate plans or any announcements to make. That’s, of course, natural for Apple: the company never reveals what it’s working on until it’s ready to sell it. We all know that an Apple Car is just around the corner, but the company has never publicly discussed entering into the automotive industry, so to keep journalists in suspense.
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