Shocking Claims From Former Apple Executive: They Never Loved Cryptocurrencies

In a recent interview, Phillip Shoemaker revealed that Apple has long considered the cryptocurrency market suspicious and assumed it was one colossal Ponzi scheme. The current CEO at expresses his purpose is making clear distinctions between what developers can and cannot do with these rules over time.

However, once he left and Steve Jobs passed away, the App Store Head, Phil Schiller, made regulations even more abstract. The most impacted applications are those developing cryptocurrency technology.

Shocking Claims From Former Apple Executive: They Never Loved Cryptocurrencies

Apple Is Not Interested in the Crypto Industry, Except in Metaverse

Since the company’s beginnings, Apple has had a contentious relationship with cryptocurrency; Shoemaker claimed that they considered it a Ponzi scheme. This led to them barring Coinbase from their App Store in 2013, only for it to return one year later. Furthermore, Brian Armstrong hinted at Apple’s “restrictive and hostile attitude towards cryptos” just two years ago when NFT guidelines were introduced by Apple, which threatened the non-fungible token industry as we know it today.

Despite the new policy, Apple managed to block Coinbase Wallet’s NFT transfer feature. According to Coinbase Exchange, Apple asked them to pay a 30% fee on every Ethereum network transaction with tokens – an impossible demand! Shoemaker harshly criticized his former company for these actions and likened it to that of “a bully who wants their lunch money” regarding the NFT market.

Apple has been hesitant regarding the world of cryptocurrencies, yet they have leaped into the metaverse. The tech giant announced their new mixed reality headset in January and is expected to hit shelves by year’s end. Given its power and popularity, many believe that Apple will take over this sector and other major companies like Meta and Microsoft.

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Armaan Khatri

I'm Armaan Khatri, a financial writer, editor, and market analyst. A former VP and market risk advisor worken in India at Citizens Financial Group. Have more than 15 years of financial services experience that also includes personal finance, personal banking, IRAs, and retirement services.

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