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Apple (NASDAQ:AAPL) may be about to create a bigger splash in the crypto sphere than the one made by Tesla earlier this year when the EV manufacturer sanctioned Bitcoin (BTC) as an acceptable payment medium for its cars.
According to a job vacancy posted by Apple a few hours ago, the Cupertino giant is looking to hire a Business Development Manager for Alternative Payments:
While details are scarce at the moment, the job vacancy in question alludes to the fact that Apple may be seeking partnerships in the crypto sphere. Of course, given the dramatic rise of cryptocurrencies this year, it makes sense for the iPhone manufacturer to tap into this growing financial phenomenon by extending the scope of Apple Pay – a mobile payment and digital wallet service by Apple – to the cryptocurrencies by forming meaningful partnerships with crypto exchanges.
Of course, as mentioned earlier, Apple is not the first Fortune 500 company to make a big splash in this arena. Toward the start of 2021, Tesla precipitated a broad-based rally in cryptocurrencies when it started accepting Bitcoin as payment for its EVs. However, Elon Musk’s love affair with Bitcoin ended abruptly earlier in May when he announced a suspension of this facility while citing the soaring energy consumption of the Bitcoin network and the associated adverse impact on the environment as the raison d’être. When combined with China’s recent banning of Bitcoin mining, these back-to-back adverse developments hammered the crypto sphere, with Bitcoin recently registering a loss of over 50 percent relative to its all-time high. Nonetheless, the situation appears to have largely stabilized now. Against this backdrop, this latest move by Apple would likely go a long way in revitalizing the so-called animal spirits in cryptocurrencies.
