Bitcoin Slumps as Tech Giant Cuts Ties (AAPL)

Bitcoin is becoming widely accepted for such uses as campaign donations and to play arcade games. But, one notable company doesn't want to have anything to do with the virtual currency.

Reports out Thursday have Apple, Inc. (Nasdaq: AAPL) removing the last Bitcoin wallet application from its App Store on Wednesday. Bitcoin wallets allow users to store the virtual money and use it for transactions where applicable.

Blockchain was the company behind the app, CNET noted today. The company issued a blog post on Apple's decision, saying it wasn't even given a chance to address any issues...

Blockchain also stated: These actions by Apple once again demonstrate the anti-competitive and capricious nature of the App Store policies that are clearly focused on preserving Apple’s monopoly on payments rather than based on any consideration of the needs and desires of their users.

So, while Bitcoin and other virtual currencies continue to work their way onto the main stage, they'll have to do so without the world's largest tech company backing their endeavors.

Bitcoin is at $782 currently, off of earlier highs in the week which reached above $800.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Apple investigating exposure to Tata Electronics data breach, full analysis underway - Reuters
• Apple (AAPL) call put ratio 1.4 calls to 1 put
• Apple (AAPL) call put ratio 1.7 calls to 1 put amid wide price movement