Did Apple just buy Bitcoin?

Did apple buy bitcoin?

Twitter is currently exploded with rumors that Apple has bought ~ $2 billion worth of Bitcoin and likely to make an official announcement soon. Galaxy trading twitter account first made this tweet yesterday and many have followed along since then.

ChainLeak CEO Joshuwa Roomsburg also made a tweet confirming this rumor and announced that if it’s true he will buy an iPhone. He thinks if this is true that BTC will rise to $100K and he will keep the iPhone as a souvenir.

Apple has a patchy history with cryptocurrencies. When Apple launched its new credit card, it made it very clear that users of Apple’s new credit card be faced with a number of restrictions, and one of them is cryptocurrency purchases. However, a few months back in May 2021, Apple posted job openings looking for people with cryptocurrency experience to launch new alternative payments programs.

In this current down cycle of the bitcoin market, when retail investors are leaving their options and panic selling, we have witnessed that more and more institutional investors are now adopting and accumulating bitcoin.

As of June 21, 2021, MicroStrategy holds an aggregate of approximately 105,085 bitcoins. Microstrategy has nearly doubled its bitcoin holding during the extreme bear market caused by FUD created from China’s crackdown on the crypto market and mining firms across the country. Tesla is another company holding nearly $2 in bitcoin and has not sold any. Grayscale bitcoin trust would be the largest to accumulate ~ $38 billion in bitcoin.

Also, read - Bitcoin mining is more profitable after China’s crackdown

As we seeing more and more adoption and institutionalization of cryptocurrencies, it’s no wonder that Apple would be eyeing it. At press time, BTC is traded at $33,210.90, 3.35% down in the last 24 hours.

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