Did Apple Buy More Than $2 Billion in Bitcoin?

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Cryptocurrency profiles on Twitter are exploding with the rumor that Apple will soon purchase Bitcoin worth billions of dollars. Different figures are floating around on Twitter, with some saying the purchase is worth $2 billion, while others are quoting $2.5 billion. Given the patchy history that Apple has with Bitcoin and the realm of cryptocurrency, the veracity of this rumor is yet to be determined.

In early February, Tesla announced a Bitcoin purchase of $1.5 billion, triggering a hike of 20 percent in the cryptocurrency’s price for the particular day. Similar expectations are set if Apple purchased Bitcoin worth such a whopping sum. But the issue is still controversial. Many believe that it will not happen anytime soon because Apple is extremely brand conscious, and investing in Bitcoin would be a controversial move for the company.

In spite of this controversy, recent rumors showcase Apple as a pro-cryptocurrency brand. However, it’s still unknown whether the purchase value will exceed $2.5 billion or not. In May, Apple posted a job position for a business development manager for “Alternative Payments.” Experience in working for cryptocurrency and other alternative payment mechanisms is most welcome. This could be a signal that Apple is interested in the cryptocurrency and could consider an investment.

It is estimated that Apple could create close to $40 billion from Bitcoin and cryptocurrency by devising and implementing the crypto-exchange mechanism in the popular Apple Pay Wallet. Nonetheless, the price of Bitcoin did not react to the rumor. So, it’s a matter of time that we get to know what plans Apple has for its cryptocurrency venture.

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