Michael Saylor’s optimism about Bitcoin (BTC) is not new news. In fact, he has often spoken about the potential of the digital asset to transform payments and become the “future of property.” However, in a recent interview with Dan Weiskopf, Saylor went a step further. Here Saylor touched on Apple’s potential to become “the world’s largest, most profitable bank in human history” through Bitcoin.
Institutions, Technology and Bitcoin: The Triad We May Need
Giants in the technology and finance industries have invested in Bitcoin, realizing its untapped potential. However, only a few are working to improve it. Saylor’s MicroStrategy is one of them, holding exactly 105,084 Bitcoins. Then Tesla and Square Inc, with 43,200 BTC and 8,2027 BTC, respectively. tech giants like
However, Apple, the important company of Silicon Valley, has not yet made an official statement about investing in digital gold. In 2019, Apple Pay Vice President Jennifer Bailey claimed that Apple is “watching cryptocurrencies” because they are “interesting” and “have long-term potential.”
But now Saylor seems to have his own idea of how Apple might adopt Bitcoin. According to Saylor, companies with large capital in the future can solve a number of problems by buying Bitcoin.
“If Apple, Google and Facebook integrate Bitcoin into their applications, they will improve their business. If El Salvador, Cuba, Turkey, Japan, Russia, USA, UK or France buy Bitcoin, they will straighten their balance sheets. Every company in the world fixes their balance sheet if they buy Bitcoin. So Bitcoin is the solution to hundreds of thousands of assets. And if you don’t have it, you can’t touch any of these beings, can you?”
This is an interesting scenario to assume when we look at crypto adoption rate from this perspective. According to a recent study by Crypto.com, crypto users worldwide have doubled from 100 million in January 2021 to 221 million in June 2021. During this period, Bitcoin reached a high of $64,000, followed by a steep correction. Meanwhile, altcoins also ate up the market share of BTC and ETH.
Now that we know that adoption is increasing exponentially, what is Bitcoin worth to Apple? Saylor puts the value at $3 trillion. According to him, iCloud can act as a payment facilitator to move this digital asset in the future. He explained:
“What’s in iCloud now, right? Your videos, photos, documents and contact information. So what’s not on iCloud right now? your money. What happens when $100 trillion spills into digital property? It needs to be integrated into iCloud or Android or Facebook.”
Calling it “the next big chapter,” Saylor claimed that giants like Apple, Facebook and Square could capitalize on this strategy. He can simply sell $10,000 worth of Bitcoin to 100 million people:
“If 100 million people have $10,000 on iCloud, then you’ve become the world’s largest, most profitable bank in human history, right?”
Still, Apple has stayed away from getting into crypto or Bitcoin. This could be due to the actions taken by regulators when Facebook introduced Diem, or the current struggle between crypto businesses and the SEC. If Apple decides to enter the crypto world, it will be interesting to see the competition heat up.