- Bitcoin has been on the rise of late, surpassing $8,000 USD.
- There’s a lot of excitement as New York Blockchain Week takes place.
- Apple not likely to get into the craze until Bitcoin is more prominent.
There’s a general buzz about Bitcoin as the price of the popular crypto currency has surged recently. Now that it’s back in the $8000 range, people are wondering who is next to get involved with it. Does Apple have something in the works? Bovada has a prop on the board about it, so let’s take a closer look.
Odds Apple Will Incorporate Crypto Wallet Before Jan. 1, 2020
|Will Apple Incorporate A Crypto Wallet in 2019?||Odds at Bovada|
*Odds taken 05/17/19
Whole Foods, Starbucks Welcome Crypto Payments
One of the reasons why some feel that cryptocurrency is back on the rise is the fact that it is being slightly more adopted these days. For example, Whole Foods and Starbucks now accept Bitcoin payments. It’s unclear how many people will take advantage or how useful that is to anyone right now, but it’s still a step.
— CNBC Futures Now (@CNBCFuturesNow) May 14, 2019
Apple Is Protective Of Their Ecosystem
One of the main reasons to bet against this prop is because Apple tends to be very protective of their ecosystem. One of their main goals is to ensure their consumers’ safety at all costs and there are still plenty of unknowns with Bitcoin.
— The Crypt Keeper (@DahCryptkeeper) May 17, 2019
For example, Binance – the world’s largest crypto exchange – was recently hacked and $40 million of customer savings were stolen. If Apple allows their consumers to use this product, they could be – by extension – liable for some very bad experiences.
Demand Just Isn’t There
Bitcoin is growing and is likely to be a major currency one day. However, there isn’t a lot of demand right now to use it for day-to-day purchases. Is it useful to send money overseas? Absolutely. Is it one of the best ways that a fleeing refugee can leave their country with some wealth (instead of leaving with nothing)? Yes.
Highlight: “Bitcoin is still highly speculative,” says @CoinSharesCo Chief Strategy Officer Meltem Demirors. “Much of the price volatility… has really waxed and waned.” But financial institutions are now integrating it into their legacy systems, she adds. Full interview: pic.twitter.com/smOyV3zXIA
— Yahoo Finance (@YahooFinance) May 13, 2019
The challenge is that there are ways for them to still use Bitcoin and crypto outside of the iOS ecosystem. The people using iPhones right now aren’t banging on Apple’s door, demanding that they add this as a feature because it’s just not that useful in personal transactions.
That being the case, I’d bet against Apple incorporating this by the end of the year. It’s just too much risk for them and there isn’t much of a reward. They are better off investing in better technology, better features and better batteries than this. They can always jump in later when crypto is much safer and much more widespread.
Let's have fun and keep it civil.