Tim Cook made a serious Bitcoin rival alert

Bitcoin Rival Alert

Bitcoin has soared this year as rumors spread that some of the world’s biggest technology companies, including Apple, Samsung, Facebook, and Twitter, are taking an interest in cryptocurrencies.

The bitcoin price jumped around 200% over the first six months of the year largely due to social media giant Facebook’s now fading plans to launch its own private bitcoin rival, libra.

Meanwhile, iPhone-maker Apple raised eyebrows last month when one of its executives said it’s “watching” cryptocurrencies, but Apple chief executive Tim Cook has now poured water on expectations it could be planning its own bitcoin rival–and warned against companies creating their own currencies.

“I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency,” Cook said.

Cook’s comments come as Facebook’s libra project faces opposition from countries and regulators around the world, with online payment provider PayPal yesterday pulling its support for libra.

Facebook had gathered 28, now down to 27 without PayPal, companies to form the so-called Libra Association, including ride-sharing app Uber, and payments giants Visa and Mastercard, to help govern the private currency.

“A private company shouldn’t be looking to gain power this way,” Cook added, in a subtle warning to Facebook.

Earlier this year, U.S. president Donald Trump forced a blistering attack on bitcoin, cryptocurrencies and Facebook’s libra, branding them “not money.”

Elsewhere, other technology companies have moved to incorporate bitcoin and cryptocurrencies in other ways.

Galaxy-maker Samsung, perhaps the biggest rival to Apple’s iPhone, has recently taken major steps into bitcoin and cryptocurrency, building a so-called Blockchain Keystore into its new Samsung Galaxy S10 and Note10 models, allowing users to securely store the keys to their bitcoin and crypto wallets on the devices.

Twitter’s chief executive Jack Dorsey recently declared his love for bitcoin and has been hiring bitcoin and cryptocurrency experts and developers at his payments company Square.

Jeff is by far, the most serious one on the team, but in his lighter moments, can bring the house down with laughter! He is a student of business and has worked freelance with every eminent business house with a name on Wall Street! His analytical and logical skills aid him in decrypting the most tedious statements from companies, and his writer’s enigma helps him turn it into intellectual sounding, yet informative articles on the Crypto section for Square Business News !

Leave a Reply

Your email address will not be published. Required fields are marked *