Crypto Twitter has been abuzz with rumors of a Bitcoin purchase of $2.5 Billion by Apple. Users far and wide across the cryptosphere have been speculating about this most likely baseless rumor.
Odds on Apple actually buying 2.5 billion worth of Bitcoin? Wild times
— Jeb 💻 (@financejeb) July 12, 2021
Joshuwa Roomsburg, the CEO of ChainLeak, commented on the rumor.
— Joshuwa Roomsburg 🌎⛓️ (@JoshRoomsburg) July 12, 2021
At the beginning of February, when Tesla said it had acquired $1.5 billion in Bitcoin, the price of Bitcoin rose 20 percent that day. As a result of this occurrence, a bullish trend was triggered that peaked in mid-April, bringing the price to $65,000.
Expectations are that if Apple discloses that it has also acquired Bitcoin, a similar movement will take place. However, there are just as many people doubting the idea of Apple buying Bitcoin, including former Ran Neuner of Crypto Banter.
Apple is not announcing $2,5bn Bitcoin purchase tomorrow.
— Ran Neuner (@cryptomanran) July 11, 2021
The rumor seems to stem from a baseless “troll” tweet posted by user Altcoin Gordon where “sauces” instead of sources were cited.
APPLE SET TO ANNOUNCE $2.5B PURCHASE OF BITCOIN ON MONDAY – SAUCES
— Altcoin Gordon (@AltcoinGordon) July 9, 2021
Apple’s Crypto History
It is possible that the rumor started when a large number of job postings at Apple appeared in the month of May that could have been related to cryptocurrencies. The task was to handle “alternative payments.”
The current Vice President of Apple Pay, Jennifer Bailey, previously made the statement that Apple absolutely has an interest in cryptocurrencies and that the firm is keeping a close eye on it.
Apple’s first reported encounter with cryptocurrencies happened early on in crypto’s history.
In 2012, two bitcoin applications were deleted from the App Store on the basis that “apps must comply with all legal requirements in every region where they are made accessible to consumers,” according to Apple.
Despite claims at the time that bitcoin and other digital currencies were not subject to any legal restrictions, Apple stood firm in its decision.
Apple didn’t change its mind on bitcoin and crypto apps until 2014. Following the removal of a number of other crypto-centric applications from the App Store, including Coinbase’s mobile app, Apple revealed intentions to alter its anti-crypto stance in June of that year during its annual Worldwide Developers Conference in San Francisco.
This unlocked the door to bitcoin and cryptocurrency app developers, and Apple embarked on a new road toward cryptocurrency acceptance.
FAANG Takes a Bite into Crypto
While there are very few signs that Apple will be buying Bitcoin, adoption of blockchain as a whole by other FAANG members has been ramping up.
Google has partnered with multiple crypto-focused companies, become an enterprise network validator for Theta, a decentralized video streaming crypto project, and more recently added a dedicated “crypto” data tab to its finance page.
Microsoft launched an Identity Overlay Network (ION) built on the Bitcoin blockchain and filed a patent in 2020 for a crypto mining system powered by human activity. Facebook famously announced its controversial Libra cryptocurrency in 2019 (it is now known as Diem and expected to be released sometime in 2021).
Lastly, Amazon is planning to launch its own cryptocurrency project and recently announced its managed blockchain now supports Ethereum. In 2017, Amazon Technologies also purchased a number of cryptocurrency and Ethereum-centered domain names.
Of the top tech companies, it seems as though Apple is taking its time in terms of blockchain adoption.