Technology

CEO Tim Cook: Apple is considering virtual currency


CEO Tim Cook last month said that Apple is considering virtual currency from a technology perspective, not a financial one.

In an interview last month with The New York Times, Apple CEO Tim Cook revealed that he is also a cryptocurrency investor, owning it as “part of an investment portfolio”.

However, Apple CEO said he will not give any investment advice. Cook did not mention whether he owns Bitcoin or another specific cryptocurrency.

CEO Tim Cook: Apple is considering virtual currency

“I don’t think people buy Apple stock for crypto exposure. So if they want to do it, it will have to be through other means. In the short term, I do not plan to use virtual currency for Apple transactions, ”said Tim Cook.

When asked if Apple would consider accepting cryptocurrency through Apple Pay “or otherwise,” Cook replied that “it’s something we’re looking at.”

What will Apple do with cryptocurrency?

Apple already has a financial plan for its retail branches. Its Apple Pay service allows people to send money via iMessage. Apple Wallet and Apple Pay services also allow payments by phone. Apple wants to grow its services business by limiting its reliance on banks, and what role does cryptocurrencies play in this plan?

It is predicted that Apple will soon build a Bitcoin wallet that integrates with Apple Wallet and allows buying Bitcoin on iPhone at a low cost.

For those who are new to Bitcoin, this whole process can seem complicated, Apple will simplify it in a few ways such as acting like an exchange, setting up a digital wallet with iCloud backups or using Bitcoin for Apple Pay Cash.

If Apple acts as a Bitcoin exchange, they will allow buying Bitcoin directly in the Apple Wallet app using any payment method the user registers with. They will allow to store assets in Apple Wallet, Apple will store keywords. It looks a lot like what Cash App or Coinbase does, where users can send, receive and store Bitcoins without Seed Pharse (keywords used to access crypto wallets).

If Apple set up a software wallet directly on the iPhone, it could be like BlueWallet, where users manage their own Bitcoins with a backup of their keywords and own their Bitcoin “keys” directly on their iPhones.

If Apple goes down this route, it is predicted to build an encrypted iCloud backup for keywords that only the user can encrypt.

Strike is a company Apple works with to conduct Apple Pay Cash transactions globally, which will most likely help Apple “encroach” into the virtual currency space by giving users the option of not charging when buy Bitcoin, send money to anyone in the world.

It perfects the global payment system by using Bitcoin as the medium of transaction. Let’s say if you want to send money to someone in another country, just enter the amount of USD, it will convert it to Bitcoin or local currency when received It sounds simple, but it is a revolution to make Free payments globally.

Why Apple will consider virtual currency

As Bitcoin is becoming a worldwide trend, the system is likely to continue to play an important role in the global payment network. Apple certainly won’t want to miss out on a major shift in technology as it’s looking to boost services revenue and become an important player in the financial services industry.

It is also possible that Apple will use Bitcoin as the transaction layer with its online store as the company is concerned about the stability of the local currency as we saw recently in Turkey.

Although there is still a lot of speculation about how Apple will implement its plans related to cryptocurrencies, especially Bitcoin, how when Apple focuses on green energy, but with CEO Tim Cook sharing, We can completely look forward to Apple’s changes to virtual currency in the near future.

Huong Dung(According to 9to5Mac)

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