Saturday, January 16, 2021

Apple’s vice president says crypto market has “interesting” long term potential

The Takeaway:

Apple executive Jennifer Bailey believes that cryptocurrency has an interesting long term potential. Currently, Apple is not involved in any crypto project, but the tech giant has shown interest in the industry. Many experts weighed in on the possibility of Apple entering into crypto space in the future.

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Vice President of Apple Pay, Jennifer Bailey, in an interview to CNN, said that the company is “watching ” the cryptocurrency and they think it has interesting long-term potential. Bailey also spoke about the future of digital currencies and digital payments

Apple earlier launched its Apple card with the collaboration of Goldman Sachs and Mastercard. Currently, Apple is not involved in any crypto-related project. Apple is not the only tech giant to get behind crypto. Earlier Facebook announced to launch its cryptocurrency Libra and payment processing company Square is also hiring crypto engineers. 

Dan Ives, an analyst at Wedbush Securities, told CNN that it would be a great shot for crypto if Apple is headed down this path. He further added that given where Apple’s move into crypto could make sense given its sights on further monetizing its consumers over the coming years.

Businessinsider reported that service revenue generates Apple’s 20% income quarterly. And the introduction of financial products would fall in line with the company’s ongoing push in service revenue growth. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Thomas Gonzales
Thomas Gonzales
Thomas is a Stanford University graduate who loves to talk about the financial world. Though he has a demonstrated history of working in the real estate industry but ever since he came into the crypto space, he has developed a keen interest in researching and writing about bitcoin and blockchain.

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