Should you buy crypto if you own Apple stock? Freddie Evans, a sales trader at GlobalBlock, a UK-based digital asset broker, discussed Apple’s stance on Bitcoin adoption along with other recent developments in the crypto space.
Owning Apple shares is not a reason to invest in cryptocurrency
Today Apple’s CEO, Tim Cook, revealed he personally holds cryptocurrency and suggested that everyone might benefit from having some exposure in their portfolio. This statement could prompt loyal Apple investors to consider crypto.
However, Cook also clarified that accepting cryptocurrency as a payment method is not currently on Apple’s agenda. He does not believe that owning Apple shares automatically implies an investor should put money into crypto more broadly.
With other major companies, such as Meta, exploring the crypto world, many are watching closely for Apple’s next move. Regardless, these developments underscore the recent upswing in digital asset markets.
Bitcoin dips after hitting a fresh high
Bitcoin’s price cooled off after a recent surge that pushed it to new highs. The market’s largest cryptocurrency fell about 2% over the past 24 hours, trading slightly above $66,000. Analysts say the bull run may continue into November, a month that has historically been positive for cryptocurrencies.
Ethereum also declined by just under 2% in the last 24 hours, while most altcoins slipped as well. Among the biggest movers in the top 50 are Loopring, up 51.56%, and Litecoin, up 8.17%.
Spain’s central bank asks banks to outline crypto plans
Spain’s Banco de España has requested that commercial banks map out all crypto-related plans for the next three years, including relationships with digital asset providers.
Banks were also asked to disclose their exposure to the sector and any potential payment services tied to crypto. This marks one of the first major regulatory steps on crypto in Spain in recent years.
Will Zimbabwe recognize Bitcoin as legal tender?
Could Zimbabwe follow in El Salvador’s footsteps? It’s too soon to tell, but a Zimbabwean government official confirmed the country has invited “informed individuals” to share their views on cryptocurrencies.
The goal is to develop a new approach to the nation’s long-standing monetary challenges. Zimbabwe has battled hyperinflation for decades and previously attempted, unsuccessfully in 2019, to peg the Zimbabwean dollar to the US dollar.