Rumors are circulating that Apple bought $ 2.5 billion in Bitcoin

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Crypto Twitter has exploded with rumors that Apple will soon announce a billion dollar purchase of Bitcoin. For example, Galaxy Trading is one of the many pushing this rumor. They say the figure is over $ 2 billion.

Rumors that #Apple bought more than $ 2 billion in #Bitcoin

– GalaxyTrading (@GalaxyTraging) July 12, 2021

While ChainLeak CEO Joshuwa Roomsburg estimates the alleged purchase amount to be $ 2.5 billion. Roomsburg added, if the rumor is true, it will buy an iPhone to commemorate the occasion.

Rumor has it that #Apple announces today that they bought $ 2.5 billion in #Bitcoin

If this happens, I will buy the latest #iPhone TODAY! I won’t use it, I will just keep it as a souvenir for when #BTC started it climbs to $ 100,000. Imagine what the alts will do! pic.twitter.com/YyNWSuzz7V

– Joshuwa Roomsburg (@JoshRoomsburg) July 12, 2021

But with Apple’s uneven history regarding Bitcoin and cryptocurrency, is there any truth to this rumor?

Is Bitcoin Too Controversial For Apple?

In early February, when Tesla announced it had bought $ 1.5 billion worth of Bitcoin, BTC soared 20% that day. This event triggered an uptrend that peaked in mid-April, after peaking in price of $ 65,000.

A similar trend is expected to occur if Apple reveals that it has also bought Bitcoin. But, frankly, for every tweet that approves of the rumor, there are just as many that denigrate it.

OnChain Capital CEO Ran Neuner responded by stating categorically that it won’t happen, at least not anytime soon. Likewise, @Flappening playfully puts the odds of Apple buying Bitcoin in the negative.

“If negative odds were a thing, this is what I would give the odds of Apple buying 2.5 billion #bitcoin.”

Stepping up the case, DevOps engineer Alexander Ross pointed out that Apple is too brand-conscious and unlikely to do anything controversial. He added that investing in Bitcoin could be a step too far for the company.

“Apple is not doing anything controversial. They are very brand conscious. Bitcoin does not match its branding philosophy at this point. I wouldn’t like anything more, but it’s too rebellious a move for them and too many opportunities for people to use against them.

Despite this, recent rumors present Apple in a pro-crypto light. But whether this extends to a $ 2.5 billion investment is another question.

Apple job ad signals interest in crypto

At the end of May, Apple published a post of business development manager in charge of “alternative payments”. One of the main requirements for the job is more than five years of experience working with alternative payment providers, including cryptocurrency.

“Over 5 years of experience working in or with alternative payment providers, such as digital wallets, BNPL, fast payments, cryptocurrency, etc. “

In 2019, Apple Pay Vice President Jennifer Bailey said Apple thinks cryptocurrency is interesting and they are watching it with interest.

But, other than the recent job posting, Apple hasn’t taken any positive steps in favor of Bitcoin and cryptocurrency.

RBC Capital Markets analyst Mitch Steves estimates that Apple could generate up to $ 40 billion in cryptocurrency by implementing a crypto exchange feature in the Apple Pay wallet.

“Apple’s install base at 1.5B, and even though we assume that only 200 million users would transact, that’s 6.66 times bigger than Square. Therefore, the potential revenue opportunity would be greater than $ 40 billion per year (15% additional revenue opportunity).

This, Steves said, is a safer game compared to the production of the Apple car.

The price of Bitcoin did not react as expected to the rumors. BTC is down 3% today.

Source: BTCUSD on TradingView.com

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