Does Apple Really Buy Bitcoin?

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A slew of websites and social media posts are fueling rumors that Apple bought $ 2.5 billion worth of bitcoin during the company’s first step into cryptocurrency, but are these claims valid?

Many people cite the fact that Apple was looking for a business development manager with experience in alternative payments, including cryptocurrency, earlier this year as proof that they are very interested in Bitcoin.

Apple said one of the key qualifications for the fairly senior position was at least five years of experience “working in or with alternative payment providers, such as digital wallets, BNPL, fast payments, crypto. -currency, etc. “.

Although experience in cryptocurrency is not mandatory if the applicant had training in other payment services such as “Buy now, pay later”, Apple’s interest in decentralized digital currencies may reveal that this is a potential alternative payment method that is being seriously considered by the company. It may also simply indicate that Apple is trying to hire professionals with experience in emerging industries to ensure that it is able to compete with its competition if necessary.

In 2019, Apple Pay Vice President Jennifer Bailey said that Apple is “watching cryptocurrency” and explained, “We think it’s interesting. We think it has interesting potential in the long run. term”.

With little other evidence that Apple has a serious interest in cryptocurrency, let alone a specific coin, it’s reasonably safe to say that the company hasn’t officially purchased a large amount of bitcoin. There are also important reasons to wonder why Apple would invest in bitcoin when there are many other cryptocurrencies available that are more durable and might be suitable for specific business purposes.

When Tesla announced that it bought $ 1.5 billion worth of bitcoin in February, the value of the cryptocurrency soared 20% on the same day and hit new highs in the following months. However, the cryptocurrency has collapsed since May, when Tesla stopped accepting Bitcoin as a payment method and said it had environmental concerns about it.

Since then, Bitcoin speculators have sought out news that could cause the value of the cryptocurrency to skyrocket. Rumors that Apple is going into Bitcoin are therefore likely derived from attempts to support the value of the cryptocurrency or just wishful thinking.

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