Breaking News, Apple now Entering the Cryptocurrency Market

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With Apple hiring a business development manager with crypto experience, is Apple preparing the grounds for its full-scale entry into the crypto world?

On Tuesday, there was a new job posting on Apple’s careers website. There is nothing out of routine here as Apple is a global giant and posts thousands of jobs every month. But what stood out here was that this job opening for Business Development Manager – Alternative Payments asked for experience in cryptocurrencies. Yes, you read that right! 

Reportedly, Apple wants job applicants with 5+ years of experience in “alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency.” The job post also mentions that anyone who applies for the job of Business Development Manager – Alternative Payments should have 10+ years of experience overall. 

What Does This Job Post Indicate?

It indicates that the iPhone maker is finally coming out of the closet and taking the beginning steps to integrate cryptocurrencies. The job description shows that the Business Development Manager – Alternative Payments will build partnerships in the alternative payments space, which include cryptocurrencies. 

The news about Apple getting into the crypto space started doing rounds after Tesla bought $1.5 billion worth of Bitcoin. But many considered it to be nothing but speculation as Apple has never even shown any hints that they were even remotely interested in entering the crypto space. 

Another interesting thing about Apple’s job post looking for a candidate experienced in crypto payments comes at a time when Coinbase, a cryptocurrency exchange, dethroned TikTok to become the most downloaded application on Apple App Store. Is there any connection of this news with Apple’s decision to hire a manager well-versed in crypto payments? Maybe or Maybe not! Apple has not disclosed its reasons so far.

How Will the Market React if Apple, Indeed, Joins Crypto Bandwagon?

Considering that Apple is the largest public company in the United States with a market cap of almost $2.1 trillion, Apple’s entry into the crypto market will make a huge impact. It will be one of the most historic moments in the crypto space. They also have $192.8 billion in cash reserves among all the US-based companies. 

Mitch Steves, an analyst from RBC Capital Markets made some interesting assumptions about the impact that Apple’s entry into the crypto world will make. He says:

“Apple could supercharge its move into the crypto industry by buying $1 billion in bitcoin for itself.”

Expanding further on his statement, the Fortune report said that Apple could gain a large market share even by integrating a cryptocurrency exchange in Apple wallet:

“If [Apple] decides to enter into the crypto exchange business, we think the firm could immediately gain market share and disrupt the industry.”

Summary

At the time of writing, Apple has not made any comments about their job post or about entering the crypto market in any manner. It is a possibility that Apple may begin accepting crypto payments or may even integrate a cryptocurrency exchange into Apple’s wallet. We will have to wait and watch until Apple finally makes a move or announces its intent. The Hashant team will keep a tab on the news and keep our readers updated.

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