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Odds Say Apple Will Not Incorporate a Crypto Wallet Into IOS by 2020

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Will Apple create a crypto wallet in 2019? Photo by Austin Community College (flickr) [CC License].
  • 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
Yes +180
No -240

*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.

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.

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.

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.

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