Are Bitcoin and Crypto coming to IOS and Apple Devices?
Reporting from CNBC, RBC analyst Mitch Steves discussed his view on what might be coming for the next stage of cryptocurrency adoption.
Enter Apple, with over 1 billion users and 250 million phone sales per year, who may be able to create access for users to exchange cryptocurrency.
They would do this by building an exchange similar to Binance or Coinbase and competing in this sector rather than investing in Bitcoin or other cryptocurrencies directly.
Offering an exchange would allow Apple to test the waters, but also bring crypto to the masses thanks to their software expertise.
With Apple’s size, they would be able to instantly offer storage and exchange options to crypto users globally, within their closed system.
What might keep Bitcoin and other decentralised dreamers happy, is that Apple has already stood up for privacy in their devices.
In 2015, they came under scrutiny when the FBI and government wanted access to potential terrorist records in the iPhone, but Tim Cook stopped any further movement by discussing how breaking into the phone, could allow for more cases and criminals to employ the same methods resulting in the entire customer bases security being put at risk.
Apple Exchange Business Model
With a possible Low-risk entry into the industry, Apple could strategise and invest a suggested 500 million USD, in creating the systems to facilitate crypto trading and storage. Through this, Apple would be able to profit from transaction fees and other exchange models including;
token listing fees
Mitch Steves believes that if Apple can invest 500 million dollars, it would be possible to create 50–80 billion in equity value by becoming a leader among crypto exchanges.
Why this might not happen
Governmental and regulatory issues
Bitcoin and cryptocurrency come with extra regulation, rules and scrutiny from governments around the world, each with different laws to follow, and regulations to maintain.
Facebook was recently caught up in trying to offer Libra, their own version of cryptocurrency to users, but fell into regulatory hearings with Mark Zuckerberg appearing before officials to discuss how they could follow US law.
Related Article: European Ban for Libra
Since then, PayPal, Tesla, Square and other companies have started different adoptions of cryptocurrency for their businesses. With investment, payment and hedging against USD depreciation among the main factors.
According to the big ideas report, 1% of cash being converted into bitcoin for corporate cash globally from the S&P500, could create legitimate business advantages for business around the world who use different countries cash as the payment medium.
Costs, time and storage are all reasons why digital currency such as Bitcoin can edge out traditional systems and regular currency.
Related Article: Understanding Bitcoin and Blockchain technology
In conclusion, if Apple or any other major software company were to bring crypto exchange or storage to the masses, it would no doubt be huge for Blockchain technology adoption.
Bitcoin and other cryptocurrencies have been growing in use over the past 10 years, but this would absolutely be the biggest step yet.