The Bitcoin (CRYPTO: BTC) twittersphere is blowing up today, after Apple Inc (NASDAQ: AAPL) posted a job advertisement for a business development manager in "alternative payments". A specific mention of cryptocurrency has led to speculation spreading like wildfire.
Ironically, it all sounds quite cryptic – so let's have a look at the details.
Image source: Getty Images
Partnerships, not development
The ad, which was posted yesterday on Apple's website, states that the role is for a person to help lead the charge in partnering with alternative payment partners. That addresses one area of speculation: Apple still doesn't plan to create its own cryptocurrency.
Instead, Apple's wallets, payments, and commerce team is seeking to partner with alternative payment providers. What kind of payment providers? Well, the ad requests more than 5 years of experience working in or with the likes of digital wallets, BNPL, fast payments, and cryptocurrency.
It's probably no coincidence that Apple is rumoured to be working with Coinbase Global Inc (NASDAQ: COIN) to offer Apple Pay integration. An article from Apple Insider on 28 April reported that code found in the Coinbase app indicated that Apple Pay support for its debit card might be coming soon.
The most recent job listing may relate to working on similar partnerships in the future. However, unfortunately for crypto-enthusiasts, it doesn't necessarily spell out Bitcoin adoption by Apple.
Other Bitcoin developments outside Apple
While the Apple and Bitcoin news is mere speculation, the latest update from Paypal Holdings Inc (NASDAQ: PYPL) regarding the cryptocurrency is factual.
Paypal will allow users in the near future to withdraw their Bitcoin to move to third-party wallets. While the payments giant has offered purchasing cryptocurrencies since October 2020, withdrawals have not been supported.
Paypal vice president Jose Fernandez da Ponte said:
They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.
At the time of writing, the price of Bitcoin is hovering around A$48,886. Despite a resurgence in the last week, Bitcoin is still more than 40% off from its all-time high of A$83,819.60 set on 14 April 2021.
