Apple CEO owns Bitcoin - Game Changer!

Apple's CEO declared yesterday that he personally owned Bitcoin. Well, um, crypto actually - but I think it's safe to infer that he owns Bitcoin. Let's take a look at what he said (I have edited for convenience):Do you own crypto?I do yes. I think it's reasonable to own it as part of a diversified portfolio.This sort of qualified and conservative statement leaves only a couple of options IMO: Bitcoin; and perhaps, Eth.When did you get interested in itI've been interested in it for a while [deliberately avoids being specific] I've been researching it. I think it's interesting.

November 10, 2021

This changes everything!

many people in the corporate world have been personally invested in Bitcoin long before their own companies even start to consider any involvement. While you and I are immersed in discussions on twitter and have normalised Bitcoin as an essential component of our world today, we are very much a tiny minority - but the world is changing fast.

Less than 2 years ago, just before the onset of the first major lockdown, I went for a job interview in strategy at one of the world's largest payments companies. The interview went very well, and then towards the end I got to ask my questions.

Are you doing anything with Bitcoin?

This was before the March 2020 global meltdown and before the money printers went into overdrive. The hiring manager smirked and was dismissive of the idea.

I didn't get the job, and 9-10 months later I started Bitcoin Archive. About 12 months after my interview their parent company partnered with NYDIG and announced Bitcoin integration to allow banks around the world to offer their customers direct Bitcoin access (buy/sell/hodl). The world is changing fast, but we are still very early.

That's why the CEO of the world's largest company, at the forefront of consumer technology, admitting that he owns crypto, is such a BIG deal. It SMASHES the taboo of talking about Bitcoin in the office and admitting to owning it.

Now every big company CEO will be asked about Bitcoin in every earnings call, TV interview etc

Soon it will become a point to brag about, like marathon running, golf and all the other bullshit office chit-chat! :)

What is Apple going to do with Bitcoin?

What are your thoughts on crypto and potentially accepting it through Apple pay?

[Leans back and straightens glasses] It's something that we are looking at.

Our cash balance - I wouldn't go investing that in crypto. People don't invest in Apple stock to get exposure to crypto.

I'm not planning to take crypto for our products.

Okay, so Apple isn't going to put Bitcoin on the balance sheet - yet! And it isn't going to accept it for it's own products. Fine.

But there are other things that we are definitely looking at.

Like what?

Like, I wouldn't want to announce anything today. [Breaks into nervous laughter]

The same kind of nervous laughter when the CEO of Soros Fund was asked if they owned Bitcoin and refused to answer. They later declared their ownership :)

That leaves us with one last option - facilitating Bitcoin payments in some form - which is perfectly in line with Apple's middle-man business model.

Apple creates platforms, encourages customers and creators to use it, then takes a clip off all the action. That's what they did with the App Store and that propelled them into the dominant positions in music, apps and smart phones.

I tweeted about the logical path forward for Apple:

This is perhaps the end-game for Apple.

The least risky path towards that vision probably looks something like this:

  1. Integrate with Apple Pay + Bitcoin Wallet [immediately]

  2. Integrate buy/sell features in/out of Fiat. [6 months]

  3. Expand into full exchange facilities. [12-18mth]

  4. Copy popular 3rd party apps as native functions. [Incrementally]

  5. Launch simple earn % + borrow products. [2 years]

  6. Fully-fledged Bitcoin financial services company. [2-4 years]

Thank you for reading :)

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