Apple is ‘watching cryptocurrency’, says VP

Apple Pay vice president Jennifer Bailey has stated that the tech giant believes cryptocurrency has "interesting long-term potential" amid Facebook's planned Libra launch

Apple Pay vice president Jennifer Bailey has revealed that the US tech giant is keeping tabs on cryptocurrency, stating that it’s “interesting” and has “long-term potential”.

Bailey spoke to CNN at a private event on the future of payments in San Francisco, although she didn’t comment on how Apple may use cryptocurrencies in the future.

“We’re watching cryptocurrency,” she said. “We think it’s interesting. We think it has interesting long-term potential.”

Interestingly, Apple submitted a filing with the SEC earlier this year containing information about a behind-the-scenes blockchain project.

It would make sense for Apple to pivot into the cryptocurrency and blockchain ecosystem in light of Facebook’s planned launch of Libra.

Despite intense scrutiny by the US Senate, Libra has substantiated the underlying tech behind cryptocurrencies, so much so that Bank of England governor Mark Carney said that the “dominant” US dollar could be replaced by digital currency in the future.

A Wedbush Securities analyst told CNN that if Apple went into crypto, it would be a “major shot in the arm” for the rest of the industry.

“Given where Apple strategically is focused, a move into crypto could make sense given its sights on further monetising its consumers over the coming years,” he said.

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