Could Apple be the next big player in cryptocurrency?

~ Diksha Munjal

Bought some Dogecoin for lil X, so he can be a toddler hodler,” Musk wrote on Twitter, using crypto slang to explain how he hopes his son will “hold on for dear life” to the digital asset known by its logo, a Shiba Inu dog i.e it recently bought bitcoin worth 1.5 billion to accept the cryptocurrency as payment which resulted in surges in the value bitcoins above USD 46,000 .

For a layman to understand a basic overview of this contemporary currency is basically a version of electronic cash that’d allow payments to be sent directly from one party to another party without going through a financial institution. Merely 12 years ago when the value of bitcoin was nill, a person named Satoshi Nakamoto published a paper on the internet for which the motive was clearly evident.

Now let’s get into the excavation as to whether the recent boom in bitcoin is just a BUBBLE or a FINANCIAL REVOLUTION as a whole. Infact, Michal Slayer a few weeks ago announced that bitcoin is the scarcest asset in the world. The reason behind this might be the fixed supply limit it has which is 21 million coins out of which 18.5 million bitcoins have been mined already using complex mathematical problems and algorithms which keep getting tougher. After Tesla, more companies might start investing and making transactions out of bitcoins which will take it to the path of being called as a currency which brings us to the conceivable assumption wherein companies like Apple might indulge itself into the world of digital currencies. Apple users can easily trade in bitcoins using their Apple digital wallet and if this happens, US can be a global leader in crypto-assets unlike India which is still skeptical about this form of currency.

Minister for state for finance has said that government is forming policies on cryptocurrencies. Official Lok Sabha bulletin of budget session 2021 says that the government will introduce a bill which might ban cryptocurrencies related transaction but RBI can form Central Bank Backed Digital Currency(CBDC) to regulate cryptocurrencies.

In my opinion, when Elon Musk is backing cryptocurrencies and companies are investing in bitcoins,the world is adopting blockchain , will it turn out to be a good option to ban bitcoins? Is this a missed opportunity . They can go ahead with regulating it rather than banning it completely and not letting a bright financial revolution take place. Just like when Government didn’t interfere in IT revolution which made us IT global superpower and hence it should let this form of currency with a little flexibility inorder to analyse and evaluate the upsides and downsides in a uniform and secured way.

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