[Bitcoin Now] Ongoing Range Bound... Is Apple Preparing to Enter the Cryptocurrency Market?

In February, RBC Capital Markets stated "Apple could generate $40 billion annually if it enters the virtual currency market"
Analysis suggests increased likelihood of CBDC commercialization

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin has been unable to break away from the 47 million KRW range. With Apple recruiting experienced personnel from the cryptocurrency industry, there is speculation that it may soon enter the cryptocurrency market.

According to the domestic cryptocurrency exchange Upbit, as of 7:28 AM on the 28th, Bitcoin recorded 47.31 million KRW, down 0.02% from the previous day. After rising 10.28% on the 24th to reach the 47 million KRW range, there has been little significant fluctuation for four consecutive days.

Apple has hinted at the possibility of entering the cryptocurrency market. On the 27th (local time), according to the UK financial media Financial Times (FT), Apple announced in a job advertisement that it is looking for a developer to work in the alternative payment sector, including cryptocurrency. Apple listed as application requirements experience working in the cryptocurrency industry and experience in the rapidly growing Buy Now, Pay Later (BNPL) installment payment method.

Previously, Apple kept its distance from the cryptocurrency market. In February, the overseas investment bank RBC Capital Markets predicted that Apple could enter the cryptocurrency market following Tesla. RBC Capital Markets claimed that if Apple’s secure transaction system were combined with cryptocurrency, it could generate up to $40 billion (approximately 44.68 trillion KRW) in annual revenue, but Apple showed no response. However, this job posting has raised expectations within the cryptocurrency industry that Apple may also adopt cryptocurrency payment methods.

Meanwhile, there has been analysis suggesting an increased likelihood of Central Bank Digital Currency (CBDC) commercialization. On the 27th, the International Financial Center released a report titled “Status and Related Issues of CBDC Adoption in Major Countries.” The report explained, “Considering the ongoing technological revolution such as blockchain and the reduction in cash usage, the possibility of CBDC commercialization has increased.” However, it forecasted that the commercialization timing would not be quick due to the significant impact CBDC issuance would have. CBDC issuance could affect not only existing financial systems such as banks but also the cryptocurrency market. Since CBDC would bring payment functions to cryptocurrencies, it could reduce demand for cryptocurrencies.

This content was produced with the assistance of AI translation services.