Apple exec sees 'long-term potential' for cryptocurrency

At a private CNN event, Jennifer Bailey, vice president at Apple Pay, said that Apple is watching cryptocurrencies, according to a transcript reviewed by CNBC. “We think it has interesting long-term potential, but we’re primarily focused on what consumers are using today," Bailey said.

Baily also explored the potential of QR codes and cryptocurrencies as alternatives to the current credit card system, saying “If you look at QR code payment solutions, if you look at the long-term potential of cryptocurrency, I think you’ll continue to see that change over time."

Apple recently launched the Apple Card, a credit card in partnership with Goldman Sachs, to drive more users to its Apple Pay service. As reported by Reuters, the Apple Card, like most credit cards, will not allow users to purchase cryptocurrencies.