Published On: Fri, Jul 8th, 2016

Is Apple’s Attitude Towards Bitcoin Hurting Chinese iPhone Sales?

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According to a new report from market research firm Counterpoint Research, Apple has dropped into fifth place in China’s smartphone market.
Also read: New EU Cybersecurity Laws to Cover Online Banking, Markets
Is the iPhone Trailing Behind its Competitors Because of Bitcoin?
This news is a huge blow to the tech giant, as China represents Apple’s biggest customer base outside of the United States. Additionally, this news follows an earlier market report from the second quarter of 2016 that showed an overall decline in iPhone sales from 2015.
IPhones made up 10.8 percent of devices sold in China for the month May, down from 12 percent a year earlier, according to Counterpoint Research. By comparison, Chinese vendor Huawei Technologies Co. increased its lead with 17.3 percent.
So, it seems that Apple is losing ground to competitors in its largest foreign market. Coincidentally, China has also been an epicenter of sorts when it comes to bitcoin trading. In fact, it has been the opinion of others within the Bitcoin community that the devaluation of the Yuan was a major driver of the bitcoin price surge that occurred during the months of May and June.
The observation is crucial as these two events …

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