Did Apple Just Buy $2.5 Billion In Bitcoin? Here’s What We Know So Far

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Trillion-Dollar Tech Giant Apple Could Be About To Storm The Crypto Space In Grand Style
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Crypto Twitter is currently flooded with rumors that Apple bought Bitcoin and is set to make an announcement soon. They are said to have bought Bitcoin worth $2.5 billion. Apple has not made any official statement to verify or deny the claims.

Vocal pushers of the rumor on Twitter include the official handle of Galaxy Trading, a crypto company that provides financial services and investment management in the digital asset, cryptocurrency, and blockchain technology sector; and the CEO of ChainLeak, Joshua Roomsburg, who excitedly said he will buy an iPhone to commemorate the event if it turns out true. 

Notably, while Apple has not made any statement about buying Bitcoin, there have been continuous speculations in the news that they have not canceled out the possibility. After Tesla announced its Bitcoin purchase in February, analysts were hopeful Apple would be next.

In particular, Reuters reported that RBC Capital Markets’ analyst thought that Apple Inc with its access to world-class software and a secure ecosystem, could tackle the problem individuals face acquiring crypto assets due to know-your-customer laws and other regulations.

Not only that, Apple co-founder, Steve Wozniak, at a recent virtual event was quoted praising the merits of Bitcoin. Wozniak said Bitcoin was the digital equivalent of Gold, only it was better than gold in the ease with which it can be accessed. In his words, he said: “it is uniquely and completely a mathematical formula, which is also immutable, so it is almost a miracle of technology”. He has noted that he does not yet invest in Bitcoin but believes in it for the future. 

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Apple also in May advertised it was looking to staff a new role for a Business Development Manager dealing with “alternative payment” with a key requirement for applicants being having at least five years working experience with alternative payments providers including cryptocurrencies.

If the rumors materialize as true, the impact the news has on the Bitcoin market could potentially be bigger than the movement brought about by Tesla’s Bitcoin purchase announcement. The alleged $2.5 billion already exceeds Tesla’s $1.5 billion purchase. Recall that Tesla’s announcement was one of the catalysts that drove the price of Bitcoin to its all-time high of $65,000.

Additionally, should Apple decide to facilitate Bitcoin transactions on their payment application, they would have immediate access to a large customer base.

BTCUSD Chart By TradingView

So far, the Bitcoin market seems to be taking the rumors with a pinch of salt as there have also been Bitcoiners debunking it. The price of Bitcoin is down 1.72% in the last 24 hours, currently trading at around $32,593.