It would not be weird if Apple would launch a Crypto iPhone, but don’t expect that to happen this year. In a recent interview with CNN vice-president Jennifer Bailey said that cryptocurrencies have ‘interesting long-term potential’. The fact that Apple is looking at crypto, already means their stance is changing.
Earlier this year the company announced the iPhone Cryptokit. They call this a cryptographic developer tool. However, during the announcement in June they avoided trigger words like cryptocurrency and blockchain.
For now a Crypto iPhone seems far away, but Apple is ‘keeping an eye’ on the cryptocurrency industry. It could be that Apple Pay will incorporate cryptocurrencies in the future. The company launched Apple Pay less than four years ago, and it’s still expanding its reach. In the United States it’s responsible for almost 70 percent of all contactless payments.
Samsung is their main competitor, while Chinese brands like Huawei are on the rise. Samsung already has multiple crypto-supporting products, therefore Apple shouldn’t stay behind.
Why Apple should jump into crypto
The American electronics company is currently valued well over 200 billion dollars. Which is well ahead of competitors like Google, Microsoft, Amazon, Samsung, Huawei and Facebook. However each of these competitors have been working on blockchain-powered solutions. That’s something Apple has been failing to do.
Samsung could be shaping up to be an even bigger player when it comes to build-in blockchain solutions in its phones. Huawei is known for its ties to these Chinese government. On top of that China Telecom published a whitepaper about the future of blockchain-powered smartphones last week. All these trends are shaping the future, while Apple is seemingly just standing by.
Also published on Medium.