China on Friday said that all crypto currency transactions in China, including transactions using Bitcoin, will be deemed illegal. China’s central bank in a note said that the country considers all crypto-currency transactions in the Chinese economy illegal.
It would make sense for Apple to put it’s vast cash reserves into bitcoin, in the same way that Tesla did, but it would still be a risky move. With nearly $200bn in cash at the last quarterly report, $2bn would be just 1 per cent of the iPhone maker’s holdings. If true, you would imagine that bitcoin’s price would receive a similar bump to when Elon Musk announced Tesla’s crypto investment.