Apple Moves Into The Credit Card Market, Is It Good or Bad For The Crypto Industry?

Tech company, Apple announced the release of its Apple Goldman credit card and its entrance into the credit card market. This move was made possible by a partnership with Goldman Sachs. This news comes when other big names are planning to make payments easier for their users. Is this bad news for the crypto industry? Will bitcoin recover and will such news facilitate the next bitcoin bull run.

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The tech company released its Apple Goldman credit card during the annual Apple Event. Such events are usually for the release of new iPhone models. The last event saw the release of the iPhone XR, iPhone XS and iPhone XS Max among others. The event this year took a different turn and introduced the Apple credit card.

How Apple Goldman credit card works

The Apple card works with Apple Pay which has been in existence for some time now. It allows iPhone users to use a credit card payment system without the need for a physical card.

Mastercard and Goldman Sachs are the partners involved in this project. The payment option will also be released this summer with features like zero annual fees, zero international fees, rebates on purchases, detailed data on expenditure and more.

Will bitcoin recover: what does this mean for the crypto space?

Crypto enthusiasts are beginning to ask questions about how this news will affect cryptos as a whole. Many analysts believe that Apple would integrate cryptocurrency payment when the next bull run starts. Others are not sure it will be good for the industry as it may reduce the need for mass adoption. Some believe it would be a better system if it uses the Ripple payment protocol to power it.

It is still too early to tell what effect this Apple card will have on bitcoin price and the entire crypto market. However, the concerns are legitimate because the card offers so many similar features that crypto offer. The main one is the protection of privacy. The company says it would offer privacy protection for customers. Information about expenditure would only be available to Goldman Sachs.

This move into the payment space for mobile can still be considered as a setback since the crypto community is looking forward to mass adoption of cryptocurrencies. Facebook has made some moves to offer mobile payments for its social media users. Enthusiasts were worried that Facebook coin could compete with Bitcoin.

With both top tech companies entering the mobile payment solutions market, cryptocurrency solutions may be affected. On the other hand, it could produce an easier payment method for crypto purchases in the future. This will push mass adoption for different cryptocurrencies and possibly start the next bitcoin bull run.

Before Apple Goldman credit card, Samsung embraced crypto

Samsung implemented its crypto wallet on its new Samsung S10 phone which was recently released as reported by Coindesk. This move is a good one as it will simplify the process of crypto payments.

However, crypto payment solutions still have a long way to go when it comes to simplicity. If this problem can be fixed soon, we can expect a bitcoin bull run soon.

Will bitcoin recover? Share your thoughts in the comment section

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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