What If Tech Giant Apple Enters Crypto?

Apple has been a pioneer in the field of delivering smart and user-friendly innovation. With technology, the company also carries a huge cash reserve of around $200 billion. However, in this evolving age of cryptocurrency and metaverse, the company is yet to make any move. As per a report by Bloomberg, Apple is capable of attracting over 1 billion new crypto users.

How Apple can boost Crypto ecosystem?

As per Bloomberg, Apple has been making products for users to access protocols and Crypto is a set of protocols. However, it is achievable only by creating a user-friendly way to link with the crypto ecosystem.

Recently, Apple co-founder Steve Wozniak appreciated Bitcoin and said that it is the only one that’s ‘pure-gold mathematics’. Meanwhile, he is a much more fan of metaverse than non-fungible tokens (NFTs).

According to the report, Ric Burton believes that over 1 Billion people carry an iPhone which can boost crypto adoption in two ways (1) developing Safari browser extension and (2) Hardware wallet.

Referring to Metamask, a Chrome extension crypto wallet, which has a user base of 21 million, he suggested that Apple’s iOS 15 update has provided more browser extension support. He also mentioned that over 50% of the mobile traffic in America is generated from Safari.

Apple’s iPhone provides a hardware feature called a secure enclave. Burton, who promotes the Elliptic Curve Digital Signature Algorithm (ECDSA) for Apple adoption, says that it will make the iPhone a secure crypto hardware wallet.

The report says hardware wallet is a longer-term solution but with Apple’s ability to create consumer-friendly tools one that could be revolutionary.

Apple CEO, Tim Cook in a DealBook Conference revealed that he owns cryptocurrency as part of a diversified portfolio. However, he also shared that Apple does not have an immediate plan to link with crypto payments. In the end, he dropped some hints by saying that ‘there are things that the company is definitely looking at.’