Can you use an old iPhone as a crypto wallet?

What happened

A blockchain investigator named ZachXBT posted on Telegram that old iPhones can replace dedicated hardware wallets for signing transactions and storing cryptocurrency, calling existing hardware wallets garbage and criticizing Ledger’s products.

Confirmed

Global impact / market context

If users adopt iPhones as wallets, demand for traditional hardware devices could fall, affecting manufacturers and potentially shifting security practices. It also highlights ongoing concerns about crypto security after recent quantum‑computing fears and a Coldcard exploit.

Analyst inference

Crypto security is a hot topic after a Coldcard hardware wallet breach and worries that quantum computers might break encryption. Any shift in wallet preferences could influence the market for security hardware and related services.

Analyst inference

What to watch

1. Adoption rates of smartphone‑based wallets versus dedicated hardware devices, which could signal a change in consumer security preferences. Analyst inference
2. Regulatory responses to using consumer phones for crypto custody, as authorities may issue guidance on acceptable security standards. Proposed
3. Further technical analyses of iPhone security for crypto signing, which could validate or refute ZachXBT’s claim and affect investor confidence in wallet providers. Proposed

Affected assets

• IQ — IQ

Evidence

• finbold.com