Cook supports cryptocurrency: Analyze the entanglement between Apple and Bitcoin

Recently, Apple finally let go. CEO Tim Cook said: “The company is studying cryptocurrency.”

At the DealBook online summit, Apple CEO Tim Cook said that as part of a diversified investment portfolio, he holds cryptocurrency, but Apple will not accept Bitcoin as a payment method for buying the company’s products in the short term .

Cook emphasized that he has been interested in cryptocurrency for some time, and has always been studying this field, but he will not provide investment advice to anyone, and he also ruled out the possibility of Apple using company funds to buy cryptocurrency as an investment. “I don’t think people buy Apple stock to get access to cryptocurrency.”

Regarding whether Apple will support Bitcoin as a payment method, Cook emphasized that there is no plan to enable encryption in Apple Pay in the short term, “this is not something we plan to do immediately.”

Cook was also asked about NFT during the meeting. In this regard, he said that NFT is very interesting, but “it will take some time to function in a way that suits mainstream people.”

Apple and Bitcoin have had a long period of entanglement.

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BTC , Apple’s market capitalization ranking

From the end of 2013 to the beginning of 2014, some Bitcoin-related applications were refused to go online in the App Store. At the same time, Apple suddenly removed all Bitcoin wallet services in the App Store. Even the world’s top Bitcoin wallet program Blockchain.info was not spared. , And Apple did not give a specific reason. Many people speculate that one of the reasons for the delisting is that Bitcoin is still on the edge of gray in the United States, and the other is that Apple intends to crack down on competitors, demonstrating its monopoly ambitions in the field of mobile payments. Regardless of the reason, this is a huge blow to Bitcoin, which is just starting out. Professor Liu Changyong, who has experienced these incidents, said in an article: “This is an important blow to start the big bear market.”

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Soon, Apple’s position changed suddenly. At the Apple Global Developers Conference in June 2014, a change in the terms of the App Store regarding cryptocurrency caused a lot of excitement in the Bitcoin community, and the door of the App Store was finally opened. In July of the same year, Blockchain.info was relaunched in the Apple App Store.

In August 2016, Apple began to sneer at Dash (DASH), withdraw it from the Apple Store, and urged Jaxx wallet developers to remove DASH, or remove the wallet from the App Store. Only a year later, Dash returned to Apple’s embrace.

In December 2017, the price of Bitcoin soared to a high of nearly $20,000. Supported by the skyrocketing cryptocurrency, the cryptocurrency wallet application Coinbase became the top download list in Apple’s App Store. In the same month, Apple updated its App Store review guidelines. The updated terms mentioned that App’s initial coin offering (ICO) transactions, futures transactions, other cryptocurrencies, quasi-cryptocurrencies, must be based on established banks, securities companies or futures commission merchants (FCM), or other Approved financial institutions and must comply with all applicable laws.

After the Apple Global Developers Conference in June 2018, the new review standards for cryptocurrency apps were clarified. Among them, there is one item about mining applications: applications may not be suitable for mining cryptocurrency unless the process is not running on the device (for example, cloud-based mining). This move prevents future “mining” on iOS devices in advance, and also prevents the “pooling” of multiple devices from achieving the purpose of “mining”.

In 2019, an Apple Pay executive said that if Apple does launch cryptocurrency products or services, it will be many years from now. So, so far, Apple currently does not have any cryptocurrency products or services. However, Apple has released financial services through its wallet application, including contactless Apple Pay, peer-to-peer payment and Apple Card Credit Card.

For a long time, Apple has not carried out activities related to cryptocurrency. Since then, the comparison between Bitcoin and Apple has also attracted market attention. Topics such as “when will Bitcoin surpass Apple” have begun to appear, and even every time Apple releases a new product, it will be measured against the value of Bitcoin. Especially since Tesla and other giants entered the cryptocurrency market, news about Apple’s purchase of Bitcoin or entry into the cryptocurrency market has appeared frequently.

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In May of this year, the recruitment information released by Apple showed that it is recruiting a business development manager who requires work experience in the encrypted digital currency industry in order to lead the “alternative payment” partnership project at Apple. Candidates should have “digital wallets, BNPL (buy first and pay later), Fast Payments, encrypted digital currencies, etc.” experience, or have experience dealing with these industries. This recruitment information is also used as a signal for Apple to enter the encrypted payment.

In July, Apple was rumored to have purchased $2.5 billion worth of Bitcoin, but this news was denied by industry insiders.

Cook’s speech ignited the discussion on Twitter. MicroStrategy CEO Michael Saylor also said in a tweet: “If Apple adds support for Bitcoin on the iPhone and converts its treasury to the Bitcoin standard, then for shareholders, this At least worth 1 trillion U.S. dollars.”

Following Cook’s rare announcement of opinions related to cryptocurrency this time, perhaps in the near future, we can see Apple join the market along with Tesla, MicroStrategy, etc.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/cook-supports-cryptocurrency-analyze-the-entanglement-between-apple-and-bitcoin/
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