Apple Watch Event: Will The Upcoming Device Influence Bitcoin?

Experts debate whether the upcoming Apple device will impact on the whole Bitcoin industry.

Photo: Apple Inc.

Photo: Apple Inc.

When Apple Inc’s SEO, Tim Cook, gets ready to unveil to the public the highly expected device and to announce its price, the battery life and the release day – some are already predicting a flop.

Some believe that the novelty will weigh the company down and that “the solid gold version aimed at the very rich will tarnish a brand that promises “affordable luxury”, turning it into the preserve of rich fashionistas who wouldn’t be seen dead with last season’s $2,000 handbag – or $5,000 smartwatch.”

“Apple needs a new product to reduce its reliance on one core product, the iPhone,” David Goldman, CNN’s technology editor, explained last month. “It won’t find that with the Apple Watch.”

At its supposed starting price of $350, the expert claims, it’s pricey – but not “truly beautiful, uncompelling and, in any event, likely to be updated in a year.”

Tim Cook, however, seems to be ready for the challenge. The Telegraph’s reporter said that the Chief Executive explained to the staff that selling the watch might require “tweaking the experience in the store.”

Ben Thompson, who runs his own Stratechery consultancy, says: “The biggest initial benefit of the watch will be the addition of far more ‘small conveniences’ than most people expect (and, on the flip side, the removal of small annoyances),”

He points out that Apple Inc. has long been valued below other competitors based on its profits: it trades on a price-earnings ratio of about 10, compared to 17 for many tech companies. “The overall [stock] market has a market cap of $19tn, so finding $250bn is not an impossible task,” Cybart says. “There is nothing technically stopping it reaching $1tn.”

Meanwhile, experts argue whether the new device will somehow influence the Bitcoin industry as the Cupertino-based company removed the app from their App Store, bitcoin users who also happen to use the company’s products were taking their anger out on their iOS devices, writes NewsBTC.

Reddit user “round-peg” said that for every upvotes his post received, any person smashing their iPhone on video would be gifted a Nexus 5 Android mobile phone.

However, despite the fact that Apple’s Watch hasn’t appeared yet, some shared their plans to create a bitcoin price ticket apps, like it did Edit0r88 on Reddit: “I was hoping to make a bitcoin price ticker app for the launch of the Apple Watch…in the very early stages I learned that you can display stock quotes on your Apple Watch face as one of many customizable ‘complications'”

Until now, wearable gadgets haven’t brought too much money to its producers. Rival products such as Samsung’s Gear watches have sold poorly.

The Californian company hopes to change this tendency, but it is still a big ‘if’ whether the watch will appeal to buyers seeking a fashion accessory, especially if it needs to be upgraded every few years like Apple’s phones, tablets and computers.

“It could do wonders for the watch market if it means people might wear watches again, but realistically, there are a lot of doubts,” said Eric Wilson, fashion news director of InStyle. “Fashion customers are more skeptical than anyone, so Apple has picked a tough crowd.”

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