The crypto space has evolved, from when people used to convince their friends and colleagues about cryptocurrency to massive retail adoption. Now, institutions are adopting cryptocurrencies at a significant rate.
It became more prominent when we started hearing companies about MicroStrategy and Tesla buying Bitcoin; payment companies like PayPal began to use cryptocurrency as a mode of payment and the sort. The thing about institutional adoption is that they are not just holding Bitcoin as a storage asset in the long-term but instead utilizing the cryptocurrency and stimulating massive exposure to millions of their customers and users.
Apple is one of the biggest companies in the world, with over 500 million users around the world. Although they came late to the crypto train when the likes of Tesla and PayPal were already making waves, in mid-February of 2021, they announced that customers would be able to spend Bitcoin via Apple Pay and the BitPay application. Apple already mobilized an existing Bitcoin wallet which allowed users to spend money through Apple Pay and this increased the use and adoption of Bitcoin.
As it turns out, Apple is currently looking for crypto experience in alternative payments; from how this looks, it seems like Apple will be getting into cryptocurrencies. We do not know what it entails, but it hints that Apple is exploring cryptocurrency and probably crypto payments. Although you can do this through some third-party agency, seeing Apple doing this is quite a big deal.
It seems like Apple is getting ready to make major moves in the crypto space because, for a while, they have been neither here nor there, they tend to be crypto defiant and still act neutral, but now, it seems like things are changing. The job listing they posted concerning looking for crypto experience in alternative payments does not rightly mean that they are jumping into the crypto space, buying some coins and the sorts. There was no formal announcement, but it seems like they want to go into cryptocurrency.
Apple getting into cryptocurrency is more significant to the crypto space than most people think. As of September 2020, Apple Pay had 507 million users. If they allowed exchange, buying, and selling using Apple Pay, it would allow over 507 million people to have access to buying, selling, and holding cryptocurrency.
If you want to compare with other companies, RobinHood is one of the companies highlighted to have helped open cryptocurrency to average everyday users and RobinHood, had 13 million customers. If you compare those 13 million customers to Apple’s 507 million, RobinHood is way less than 10% of Apple.
Another example is Coinbase, which is known as the biggest site for buying and selling cryptocurrency, and it currently has 56 million users. Venmo has about 52% users also, and it is a fairly large application.
All these companies combined are a fraction of Apple Pay users. Apple going into cryptocurrency will be good and big for the crypto space as it will open it up to a larger number of people and will further legitimize cryptocurrency more.
