Bitcoin is making a comeback as the world’s most popular and valuable cryptocurrency is still breaking records. Every other digital token is growing alongside bitcoin, with the total market cap for cryptocurrencies approaching $ 3 trillion. It’s just like the Biden administration past a $ 1.2 billion infrastructure package that contains a controversial bitcoin tax arrangement. It’s not just retail investors who have shown increased interest in bitcoin and other cryptocurrencies this year. Major companies stepped in, with Tesla being a prime example. But Apple is also interested in the cryptocurrency sector and is closely watching developments. Just this week, Apple CEO Tim Cook explained Apple’s plans for cryptocurrency in an interview.
Apple’s interest in cryptocurrencies isn’t new
This isn’t the first time we’ve heard that Apple may be interested in the landscape. At the end of May, a job list revealed that Apple is looking into alternative payments for Apple Pay. Cryptocurrencies are the obvious candidate for this.
Even earlier, Apple confirmed that it is looking at cryptocurrency. “We think it’s interesting,” said Apple Pay Vice President Jennifer Bailey a couple of years ago. “We think it has attractive long-term potential.”
Cook, addressing Apple’s interest in cryptocurrencies, adds further weight to the matter. The executive spoke to Andrew Ross Sorkin during an an interview part of The New York Times DealBook conference. This is where Sorkin asked the CEO about Apple’s cryptocurrency efforts.
Apple Pay will not receive support for bitcoin anytime soon
Unsurprisingly, Cook reconfirmed that Apple is paying attention to the landscape. But he explained that Apple has no plans to buy bitcoin to add to its profits like Tesla did earlier this year. Additionally, Cook said Apple won’t be rolling out support for crypto payments anytime soon. But he hinted that Apple is looking into other aspects. Here is the complete exchange:
Sorkin: What’s your take on cryptocurrency right now and potentially accepting it via Apple Pay or whatever?
Cook: It’s something we’re looking at, it’s not something we have immediate plans to do. I would define it as there are things I would not do such as our cash balance. I wouldn’t go invest it in cryptocurrencies not because I wouldn’t invest my money in cryptocurrencies, but because I don’t think people buy Apple stock to get exposure to cryptocurrencies. So if they want to, they can know, invest directly in cryptocurrencies by other means. And so I wouldn’t. I have no plans to take cryptocurrencies in the foreseeable future for our products. Like a mane of tenderness, but there are other things we’re definitely looking at.
It’s not necessarily the currency aspect of cryptocurrencies that Apple cares about. The underlying technology can have other uses without serving as a support for a digital currency that can be used for online payments. But that’s just speculation, as Cook wouldn’t be too specific.
Cook also said he owns cryptocurrencies, noting that “it is reasonable to own them as part of a diversified portfolio.” He didn’t mention any digital tokens by name, as Elon Musk often does.
Apple isn’t the only company watching bitcoin
Apple’s cryptocurrency plans may be more timid and mysterious, but it’s not the only big tech company looking to take advantage of the growing interest. Tesla sold cars for bitcoin earlier this year. Facebook has been trying for years to have a digital currency of his own. And the Facebook metaverse could come with some kind features related to cryptocurrencies.
PayPal allows users to buy bitcoin and other cryptocurrencies within the app and PayPal also works with Coinbase. Amazon Other Walmart are both looking into crypto solutions of their own, with payments representing a possible use of blockchain technology for these two companies.
Google is exploring blockchain technologies via certain collaborationsand Microsoft has at least one own cryptocurrency patent. With all of this in mind, it’s only a matter of time before tech giants like Apple feel more comfortable incorporating blockchain and / or cryptocurrencies into their business practices.