The powerful rally in cryptocurrencies in 2019 is largely due to the ongoing infrastructure build out by financial institutions and new interest in crypto from the world`s largest technology giants, including Apple, Facebook and micro-blogging platform Twitter. From the lows achieved in December 2018 when Bitcoin traded to and fell below $4,000 to the recent highs above $10,000 the increased volume are a result of digital currencies moving back into the limelight. But note that the much-anticipated Apple credit card, issued in an effort by Apple to diversify beyond phones, will not allow users to purchase Bitcoin and other cryptocurrencies when it launches next month.
Our Views: The new credit card issued by Apple in partnership with Goldman Sachs has many features that allow the user flexibility with funds in many different ways but the reception is more limited than many anticipated. Apple is a company that is now in transition, and the lack of support for digital currencies with this new card is an interesting twist.