In today's crypto news various sources have reported that Google has hired Paypal executive, Arnold Goldberg to run Google Pay. There is a lot of speculation that this has to do with Google intentions to integrate crypto payments in Google Pay. Obviously tech giant like Google would have a special team that does research and monitoring of all things crypto. We all would be surprised if Google didn't have a full understanding of bitcoin and crypto technologies. The same logic applies to Apple, another tech giant. Not only it would be smart to have all available information regarding bitcoin and crypto, but also it wouldn't even cost them much to do so.
I am skeptical about that this news has anything to do with crypto. First of all, Paypal only recently got involved in crypto. Paypal has been successful in online payment processing without becoming a bank. So to hire someone with great deal of experience in this field to run Google payments system would make a perfect sense. Moreover, poaching talent among big tech from other tech companies has been a normal practice.
The main reason I believe that Google won't be getting into crypto anytime soon is the same reason why I believe Apple is not in a hurry. That is, these two tech giants have very close relationships with governments around the world, and being US companies they have even closer relationships with the US government. Payments in crypto becoming a norm poses a risk of USD currency becoming irrelevant. As payments instruments cryptocurrencies are in competition with USD and other fiat currencies, in my opinion.
However, I am not suggesting that these companies are colluding with the governments. I think it has more to do with strategic approach to crypto. They are big companies and have a lot to lose if all of the sudden their crypto ambitions caused unnecessary burden on their other business operations. There is also a legal complexity of cryptocurrency not being legal tender, and only considered as property in most of the jurisdictions. Everybody saw how Congress wasn't really happy with Facebook and their crypto project. Of course there were other issues Facebook had that put a lot of suspicious for what they were/are trying to do. But the fact is there are a lot of unknowns how governments will regulate crypto in the future.
Google and Apple owning the largest market share in mobile networks space with their android and iOS platforms, they don't have much of a competition. They are competing against each other. In such a situation, maybe one is waiting for the other to make the first move? And in the meantime getting all the work done on crypto having their solutions ready to deploy when the time comes? It is not like Microsoft all of the sudden will start integrating crypto into their non-existent mobile operating system and can come get some of the market share away from Google and Apple. Microsoft already failed in this space and have shifted their focus elsewhere.
We don't know much about what Google is planning regarding crypto. Only thing we know is they are seriously considering it but have nothing else to say at this time. Whatever they are planning or working on as expected would be top secret. It is also common for big tech to work on many different projects and scrap them at the end for various reasons. It is just part of research and development spending and cost of doing business for them, and doesn't really cost much compared to what they make.
But we did hear a little bit about Apple's intentions a couple of months ago. When Tim Cook, CEO of Apple did an interview with New York Times DealBook he shared some interesting thoughts about his personal view about bitcoin and crypto and also where Apple stands when it comes to crypto. He said that he personally is invested in bitcoin and crypto as a diversification and he believes crypto is an interesting investment and a technology. However, Apple doesn't have any plans to use their cash to invest in bitcoin or crypto.
He also said Apple didn't have any near future plans for offering their products for crypto either, but they are interested in the technology and researching. So, it is highly unlikely we will see crypto integration to Apple Pay anytime soon. To read more about that interview, feel free to read my What Tim Cook Said About Apple & Crypto post from two months ago.
What we know with certainty is that both Google and Apple want to be in payments game. They have all the resources they make this happen. Most importantly they own the mobile networks. Using debit/credit cards is an old way of payments and an old technology. People already are using Apple Pay and Google Wallet. It is convenient. Technology is better, more and more stores and merchants having proper devices installed so payments using android and iOS devices is possible. Eventually cards will have to disappear.
For crypto enthusiasts it is no brainer that next step would be for these companies to include cryptocurrencies in their wallets and take advantage of this technology. This would help these companies with their ambitions of offering financial services. It would also bring more people into crypto and it would all of the sudden become a norm. In essence, such move by any of these two companies would accelerate the inevitable.
In another news, there was survey done with 1,000 Canadians and 67% of the participants showed interest in being paid in crypto. I don't know how random participant selection was or if this survey can be trusted, but 67% is a big number. If this was put into a vote and this sentiment was correct, bitcoin would become a legal tender and crypto would go mainstream in no time in Canada and other places. This survey also revealed that among the participants who already own crypto, 58% started their crypto investment just recently during the pandemic lockdowns. This shows that there are many who keep joining crypto and are confident enough about it to get paid in crypto. Amazing.
We will probably keep seeing more and more interest in crypto and this space will keep growing. What will Apple and Google do? Continue patiently observing and waiting for the right moment? Right now, they are in a comfortable level with no other competition. It almost seems like they are become complacent with their market shares and monopoly in mobile networks. Perhaps mobile operating systems need some alternative like Linux was to Mac OS and Windows?!
What do you think? Will Apple or Google consider integrating crypto payments into their Apple and Google pays? Or maybe there is no need for that at all and crypto will just do fine without their involvement? Let me know in the comments.
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We all know that a full integration will likely be impossible in next 2-5years, except if the US government and other Nation's governing bodies rule in favour of Crypto. However, as you rightly said, Apple and Google have their eyes fixed on the "GOLDEN CROWN," (Crypto).
Also as you said, they aren't willing to make a quick move because:
But, they are smart!
They wouldn't want to lose their positions and start struggling with lower competitors, however they'll also look for a way to do this presently without having a direct link. In order to flow indirectly with the trend.
They are fully aware that some platforms are integrating Crypto as payment method, or perhaps are making serious step to do so.
For instance, if PayPal fully integrates Crypto payment, and Google integrates PayPal as method of Payment 😅😅😅 it'll mean they are indirectly accepting it, but are doing so to avoid direct link.
Then maybe it will get to a point that they will include Crypto as payment method to fund their Google or Apple Wallet. Note: it is not method of payment, just to fund the wallet 😅😅😅
Little by little, they get to the "honeypot" 😅😅😅
It's fine if they get involved. Their involvement in crypto will revamp the point of value of Cryptocurrency and also give crypto a wider embrace and a broader audience.
If the Crypto technology is incorperated into the Google and Apple pays, I feel it will attract more more hunger for crypto regulation by the central bodies and that isn't what we dream of for the Cryptocurrency.
Therefore, practically, I feel crypto is better without their integration but technically, their integration will revamp the crypto economy to some respect.
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Interesting read. I think that Google and Apple will definitely get involved in crypto - its just a matter of time. I wouldn't be surprised if they are doing a lot of that work in secret though - as you mentioned.
I'm surprised by that survey that 67% of Canadians would want to be paid in crypto. That seems super high to me. I wouldn't even think that 67% of Canadians have an understanding of it lol 😆. But there are some mainstream Canadian companies that are getting heavily involved in crypto, Mogo finance being one of them. They've had a bitcoin wallet for years now, theh recently bought (I think multiple) crypto exchanges and bought or are developing a crypto/stock trading app. Hopefully Canada plays some sort of leading role in crypto. That would be nice to see.
Canada is good at making right moves. I agree and wouldn't be surprised to see Canada becoming a leader in crypto space. I haven't heard of Mogo finance. Will have to look it up. Thank you.
I think these companies have their finger on the Crypto Pulse. They most likely have formed a separate entity or entities that are already involved in the transition into Crypto. They are probably also setting aside funds in order to make acquisitions of Crypto projects in the future, letting others do the hard work while they swoop in and absorb the company. Just like Microsoft purchasing Activision and Blizzard, Crypto would do just fine without them but they won't be able to keep their fingers out of the cookie jar for too much longer!
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I think for sure Google and Apple will bring crypto into there payments. The more people that own and use crypto, the more money they are NOT getting, if they don't have that ability. It was a smart move by Google to get that guy.
I believe they will integrate with a select few Cryptocurrencies to begin with that must meet certain criteria. If they don't someone else will come along who does and eat their lunch. You can be absolutely sure that plenty of budget and brains are working on Cryptocurrency projects at Google and Apple.
Google has never really bent to the wishes of government, and has a history of going with the flow to where people are going. And the company excels at giving people what they want, just look at their range of products and its quality. Facebook is firmly heading towards the crypto world, which means FB's research shows the metaverse and crypto will become huge and the place to be. There is no doubt that other big tech are already gearing up to be there as well. Tesla is bringing out its own token as well, did you know? 😁 I got an invite from them a few days ago.
So I'd say Google and Apple are both in a hurry to get into crypto, but obviously they don't want to rush in with half-baked products. When they announce their official presence there it will be with a huge bang.
Nice.. Almost thought they ll adopt the dogecoin.
How do I get more info about this.
Awesome. Can you please drop more information about this? If you don't mind.
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What particular info are you looking for? Best is to Google 'Tesla token', I'm not sure if it's available to the public yet. I received an invite just a few days ago, and I did check it out a bit, it is indeed Elon Musk's company behind it.
Not sure if it is true, but I have seen an article in the past that Google handed over gmail contents to Chinese authorities.
I haven't heard of Tesla token. lol. I thought doge was a tesla token.
Doge is only Elon Musk's 'soft spot coin.' 😁 I don't know why, but I'm glad he likes dogs. The new Tesla Token is indeed real. It still a bit under wraps, I'll have to check where I saved the stuff they sent me. It will officially launch soon, and I personally expect the interest to be huge. The token will be used for (or at?) all of his companies, not sure how, I just skimmed over all the stuff. Pretty much the only thing I did was to check if it's really a Tesla initiative and not a scam or something, but the domain and everything is indeed registered to Tesla.
The Chinese constitution has a clause that all companies operating in China must hand over all user information on request to the authorities, no warrant necessary. That's one of the reasons why Google withdrew from there some years ago, they refused to cooperate. As such I don't think many Chinese citizens use Gmail accounts, or are even allowed to. I remember when I Skyped some company officials there (I owned an import/export company), the moment I started talking about politics the connection suddenly gotten lost. And I tested it in several calls with different suppliers. So my guess is the Chinese government monitored all calls, with bots listening to specific words that would cut a call. Weird.
I'll see if I can find what I did with the Tesla info I received, and will do a quick post about it then. Since I'm fairly new to Ecency, how do I tag you guys for the article?
I'll have to wait a day or two before I can do a post, my reputation score is still low, and as such my resource credits drop dramatically for doing just a simple post. 😒 I'm going to start posting pics of sexy me so you people can start upvoting me. LMAO. I really need to get my resource credits to give me space for proper posts. Thanks to those that do upvote me.
For real this is a race brewing under cover. No big tech company wants to miss on the opportunity to get whatever they can get from the crypto market. You have nailed the fact yhat they have close relations with goverment they wont go mainstream, but that wont stop them from taking part or getting ready for opportunities at crypto. With the official close of black berry being fresh. These companies know its best to keel up with the times and stay inovative. Least they become a story of the past.
It will be good thing for them to join the crypto progress. Its a win win. The Government regulations tho, thats the challenge.
The lockdowns put many people into financial cliff. In a way, the curse is turned into a blessing just like what happened in Cabanatuan City where many people stumbled with Axie Infinity looking for a livelihood alternative. I myself entered this space when my eldest son asked me for a game capital July last year. As for Google and Apple's entry, if that is true that would be good for mainstream adoption will become faster. I will no longer have difficulty explaining to my friends what they consider as "strange" investment.
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I hope that cryptocurrencies will get the best from the rivalry of those two giants.
I think they will integrate it into their own systems because it is another source of revenue. So long as they can take their cut from the payments. Whether or not they get involved, I think digital or crypto payments are the future. It might speeds things up if they start accepting it though.
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I seriously doubt these companies are not going to invest in crypto. That is if they’ve not invested already. I feel they must have other extended companies with different names that are fully invested into crypto, because I doubt anyone would not want to jump on the fastest growing digital currency.
Crypto will do fine without their involvement, but I think like you said, they will likely venture into it and integrate it into their payment platforms, but not anytime soon. The west would object to their adoption by big techs and will mount a lot of pressure on those whom have really close ties to the governments and these two companies fall in that group
Good news to some extent, this. Although having being paid totally in crypto maybe not be desirable if the coin’s value would drop unexpectedly. Lives may even be at stake for this. Just my thought.
The both tech giants are treading carefully, as they would want to integrate crypto currency in their system, they want to do it on grounds that are not crossing any government lines. If any of them sense any form of acceptance of cryptocurrency as a legal tender by the government that has direct or indirect regulations to their business operations, they would dive into it.
No big tech company or country wants to be left behind in a crypto wave that is sweeping across the world, virtually all are making research and planning in the background, just waiting for the right time to deploy.
Crypto will definitely do fine without them, it’s a gradual process, crypto got this far without any notable big company’s support rather with a lot of antagonization and bans from countries. Trust me, crypto is fine without them.
I think they don’t want to “miss” it. They must be working on something already… to integrate or creating something they will benefit from. They are clever enough to see crypto is going to stay. And it will grow larger and larger. 😎
Hmm interesting blog,
I don't think Crypto will be that powerful one day that
the USD or other currencies become so unimportant to the economy around the world.
But I think it will change because we now have a new world age!
As you can see USD is not destroyed but they are changing it step by step
to a own crypto token. 🧠
I really hope they both fail (even thought they wont), they are a bunch of mass controlling centralized shit entities who are just looking for total domination over markets.
good thing theyll bring more people into the market cap though
I believe crypto will be fine without their involvement because it has already show that part of progressing without their contribution but it would be nice if they join to promote crypto to another level.
Agreed... Crypto will be fine without their involvement but, IMHO, this will take a lot of time for crypto to be accepted by the larger population around the world, Google's and Apple's or either one's involvement will definitely accelerate the process, though, this doesn't seem like the case in the near future, so crypto has to do great on its own whatever we wish it to be.
I think this is very true. Crypto would be fine without them joining in, but it could get a big push and more attention, if they did! It is still far from mass adaption in many countries. And the more people use it, the more demand is there and the higher the prices are!
So I think there could be some benefits.
Thanks for the summary of this news. It will be interesting to see how this works out this year.
thank for information
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Eso si es una muy interesante noticia le llego el momento a los criptoactivos.