Apple exploring Bitcoin and cryptos for its payment services - Decrypt
Apple is seeking a business development manager with "5+ years experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency…more
——————————————
Apple is rarely the first into a market, but they usually make a big splash when they enter. Samsung announced wallet integration two weeks ago - but Apple seems to be taking a big picture approach across the whole digital/crypto space - from assets to payments and supporting infrastructure. This is potentially another iTunes opportunity for Apple, which they used to dominate the global music industry and remake the company, so it will be interesting to see how they decide to play this.
My guess is they will integrate existing products and platforms into their ecosystem and pick them off one by one - eventually creating an exchange for all digital assets types — and software for an integrated wallet.
Is this good for Bitcoin?
Yes, and no. Excellent for Bitcoin as an asset because it will drive mass adoption in an ecosystem that hundreds of millions of the wealthiest consumers in the world feel comfortable using.
Apple also about $200 Billion in cash reserves that will capitalise any financial services initiative they want to create. For example, they could create a lending platform, or use it to self-insure your Bitcoin deposits. Most people don’t feel comfortable with self-custody - they want convenience even if it comes with catastrophic risks if their exchange gets hacked. Apple can give them reassurance with an enormous cash balance. Their current cash balance is 27% of the Bitcoin market cap - that’s a lot of reassurance!
But it will come at the cost of one big company taking up enormous market share - and that’s contrary to the founding ethos of Bitcoin. That’s the problem with mass adoption - the community loses influence over time as more and more of the legacy institutions arrive. The good thing about Bitcoin is that it’s an open system and we can always opt-out and take our BTC with us!
PayPal Will Let Customers Withdraw Bitcoin - CoinDesk
We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay,” da Ponte said. “They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice…more
—————————-
Don’t you just love competition?
Earlier this month Revolut started allowing their customers to move their #Bitcoin to another wallet, now PayPal has done the same.
Carl Icahn Says He May Get Into Cryptocurrencies in a ‘Big Way’
- Bloomberg
Competition makes you change your mind…
Ray Dalio has changed his mind as well:
3 legendary money managers all own Bitcoin.
It’s probably nothing…
Iran Bans Bitcoin Mining - Bitcoin Magazine
Or have they? Seems to be a conflict of interest between Ministers and the Revolutionary Guard.
Two Twitter threads you simply must read:
Raoul Pal on the proper functioning of Bitcoin and crypto markets through a 50% crash - without the need for intervention by the FED!
Manufacturinig FUD and a market crash
words from an insider - with receipts! He lists how much it costs to plan FUD stories with different media outlets. Be very careful what you believe from the media.
That’s all for now.
Sorry it’s been a while between newsletters. I’m rather busy between some visa and apartment issues right now, but there’s light at the end of the tunnel.
Thank you so much for reading!
And if you enjoyed the read please share it with your friends :)
well done.
Nice.