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Apple Considers Cryptocurrencies Have “Long-Term Potential”

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Apple, one of the largest companies around the world, considers that cryptocurrencies have long-term potential. During a conversation with CNN Business, Jennifer Bailey, vice president at Apple Pay, explained that the firm is “watching” cryptocurrencies. However, she clarified that consumers should not expect anything soon on the matter.

Apple Is “Watching” The Crypto Market

Apple is one of the most important companies around the world. The smartphones produced by the company are among the most valuable in the market and have reached a large number of users in all the continents.

The firm has also entered the payments industry through its Apple Pay services. Apple Pay was introduced back in 2014 and a few months ago the company released a new Apple Card that is backed by Goldman Sachs. Nevertheless, Apple has never informed anything about adding crypto solutions to their products.

Nonetheless, Jennifer Bailey explained that Apple is “watching” cryptocurrencies but consumers shouldn’t expect anything in the short term. Indeed, the company has always been very cautious and conservative with the products launched to the market.

In general, it waits until a specific technology has already reached the market and has been tested several times before trying to offer a new product or service. The cryptocurrency market will take some time to be regulated but it is being legitimized more and more each year.

During the interview with CNN Business, Bailey said:

“We think it is interesting. We think it has interesting long-term potential, but we’re primarily focused on what consumers are using today.” 

This is the first time that the firm gives a public comment about virtual currencies. Bitcoin (BTC) and many other digital assets have been expanding during the last years. Samsung, Apple’s main competitor, has released its Galaxy S10 series with a cryptocurrency wallet compatibility that supports a large number of ERC-20 assets, among other cryptos.

Bailey considered that cryptocurrencies and also QR code-based systems could be used in China to pay for goods and services rather than using the traditional credit cards.

“If you look at QR code payment solutions, if you look at the long-term potential of cryptocurrency, I think you’ll continue to see that change over time,” Bailey commented.

Although Apple is not expected to launch any crypto-related solution for users in the near future, the company seems to be open about the future potential of digital assets in the economy. In addition to it, if Samsung continues offering crypto solutions to the market, Apple might have to accelerate the adoption of virtual currencies.

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