Apple mulls cryptocurrency support in Apple Pay as competitors build lead

Apple CEO Tim Cook on Tuesday said the company is mulling cryptocurrency integration for Apple Pay, though users shouldn't expect to buy, sell or manage such assets on Apple's platform anytime soon.

Cook touched on Apple's cryptocurrency ambitions, or lack thereof, in an interview with Aaron Ross Sorkin during the The New York Times' DealBook Online Summit.

Specifically, Cook was asked for his thoughts on crypto and whether Apple would one day accept digital currencies through Apple Pay "or otherwise."

"It's something that we're looking at, it's not something we have immediate plans to do," Cook said.

Apple Pay VP Jennifer Bailey also expressed interest in crypto 2019, saying that Apple was "watching" the space. Nothing has come of this close scrutiny.

Cook added that there are no plans for Apple to accept crypto for purchases — a "mean of tender" — in the immediate future, but said the company is exploring ways to break into the sector. As expected, not much detail was offered beyond the soundbite, "There are other things that we are definitely looking at."

As for Apple potentially investing some of its cash hoard in currencies like Bitcoin or Ether, Cook noted the distinction between his personal views on crypto and what he thinks is best for the company.

"I would characterize it as there are things that I wouldn't do. Like our cash balance, I wouldn't go invest that in crypto, not because I wouldn't invest my own money in crypto, but because I don't think people buy an Apple stock to get exposure to crypto," Cook said.

Historically, Apple has been leery of the market and in 2014 removed a handful of Bitcoin wallet apps from the App Store. That stance softened over the intervening years as Bitcoin and other currencies gained legitimacy, but Apple is apparently unwilling to dip its toe into the crypto waters.

While Apple remains reluctant, Apple Pay competitors like PayPal and Square allow users to buy and sell crypto. As noted by The Information, Stripe is rebuilding its crypto arm after halting support for Bitcoin payments in 2018.

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10 Comments

bloggerblog 2514 comments · 16 Years

About 3 years ago

Apple Coin

foregoneconclusion 2836 comments · 12 Years

Crypto is not "currency". It's a form of speculative investment. People buy crypto hoping to hit the jackpot with big spikes in valuation. That isn't what currency is for.

davgreg 1046 comments · 9 Years

Bitcoin has never gained legitimacy nor have any of the other digital tulip bulbs.

Precious metals are a good hedge against the diminished value of fiat currencies issued by profligate governments. They have both intrinsic value and scarcity.

We will be seeing digital currencies, but they will be issued by central banks.

GeorgeBMac 11421 comments · 8 Years

foregoneconclusion said:

Crypto is not "currency". It's a form of speculative investment. People buy crypto hoping to hit the jackpot with big spikes in valuation. That isn't what currency is for.

But yet, from its very earliest days, the debate of whether BitCoin is a currency or an investment has raged among both its critics and its proponents.

As for it being an investment: it holds no more value than a piece of artwork: it's value is strictly based on limited quantities and what people are willing to pay. That is: it has no intrinsic value.

As for it being a currency: it's main (sole?) attraction is as a competitor to government currencies and the banking industry. Good luck taking those guys on -- China already banned it. Meanwhile, El Salvador declared it an official currency -- and its value dropped 15% on its first day. How would you like to get paid in BitCoin knowing your salary could fluctuate on Elon Musk's latest Tweet?

I doubt we'll see crypto part of the Apple Pay system (which is merely an extension of the banking system) until we see an official government backed and regulated digital currency (which China is experimenting with and the U.S. Fed is investigating).

waveparticle 1497 comments · 3 Years

foregoneconclusion said:

Crypto is not "currency". It's a form of speculative investment. People buy crypto hoping to hit the jackpot with big spikes in valuation. That isn't what currency is for.

It is gambling.