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Bitcoin jumps on Apple's seal of approval

The Daily Ticker
The Daily Ticker
Daily Ticker

Apple (AAPL) may have disappointed consumers at its Worldwide Developers Conference Monday, but bitcoin users rejoiced: Apple executives hinted that bitcoin apps would soon be available on the tech giant's operating system. According to new Apple App Store guidelines, "Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions."

Related: Regulators don’t want to regulate bitcoin, says BitPay’s Gallippi

There are still obstacles bitcoin needs to overcome before it is widely recognized as a viable alternative  to the U.S. dollar. Yet Apple's announcement, along with Dish Network's (DISH) decision to accept payments via bitcoin, proves that it is here to stay, says The Daily Ticker's Aaron Task in the video above.

"More and more merchants are taking it which creates a standard and will ultimately drive the price up," adds Henry Blodget.

Related: Why Marc Andreessen is betting big on bitcoin

Bitcoin has traded wildly over the past few months, dropping 40% from its all-time high of $1,100. The virtual currency has made a strong comeback in recent weeks, pricing near $665 after languishing in the low $400s.

Bitcoin may offer lower transactions fees and other perks compared to traditional banks but "geeks still need to figure out how to use it," notes Blodget. "Apple will make it better to create bitcoin wallets."

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