Twitter’s crypto community has exploded with rumors that Apple will soon announce the purchase of Bitcoins in the billions of dollars.
Galaxy Trading is one of many who spread this rumor. According to the company, the value of Bitcoins purchased by Apple is over US$ 2 billion.
— GalaxyTrading🅡 (@GalaxyTraging) July 12, 2021
“Rumors that #Apple bought over $2 billion in #Bitcoin 😳”
The CEO of ChainLeak, Joshuwa Roomssburg, estimates that the value of the purchase is US$ 2.5 billion. Roomsburg added that if the rumor is true, he will buy an iPhone to commemorate the occasion.
But with Apple’s patchy history of Bitcoin and cryptocurrencies, 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, the BTC soared 20% that day. This event triggered an uptrend that peaked in mid-April and peaked at $65,000.
A similar trend is expected to happen if Apple reveals that it also bought Bitcoin. But, truth be told, for every tweet endorsing the rumor, there are so many who reject it.
The CEO of OnChain Capital, Ran Neuner, responded by stating categorically that this will not happen, at least not so soon. In the same way, @flapping it playfully puts the odds of Apple buying Bitcoin in negative.
“If negative odds existed, that’s what I would give to the odds of Apple buying 2.5 billion #bitcoin.”
Escalating the case against, Alexander Ross, a DevOps engineer, raised the point that Apple is very brand-aware and unlikely to do anything controversial. He added that investing in Bitcoin could be a step too far for the company.
“Apple doesn’t do anything controversial. They are very aware. Bitcoin, right now, doesn’t fit the spirit of its brand. I would love nothing more, but it’s a very rebellious move for them and a lot of opportunities for people to use against them. ”
Despite this, recent rumors show Apple in a pro-crypto light. But whether that extends to a $2.5 billion investment is another question.
Apple job ad signals interest in cryptocurrencies
In late May, Apple posted a job opening for a business development manager dealing with “Alternative Payments”. One of the main requirements for the job is to have more than five years of experience working with alternative payment providers, including cryptocurrency.
“Over 5 years of experience working with or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrencies, etc.“
In 2019, Apple Pay Vice President Jennifer Bailey said that Apple thinks cryptocurrency is interesting, and they are watching with interest.
But apart from the recent job announcement, Apple has failed to make any affirmative move regarding Bitcoin and cryptocurrency.
RBC capital market analyst Mitch Steves estimates that Apple could generate up to $40 billion worth of cryptocurrencies by implementing a cryptocurrency exchange functionality in the Apple Pay Wallet.
“Apple’s user base is 1.5 billion, and even if we assume that only 200 million users adopted cryptocurrencies, that would be 6.66x larger than Square. Therefore, the potential revenue opportunity would exceed $40 billion per year. ”
Bitcoin price has not reacted as expected to the rumors. The BTC is down 3% today.