15 Best Bitcoin Wallets For iPhone and Android

Robinhood’s profit surge reclaims the spotlight

Daniyal Jawaid

Tue, Feb 6, 2024, 8:51 PM 10 min read

Last year, cryptocurrency traders got much-needed relief when Gray Scale Investments won a legal battle in which the court ruled that the SEC should not have rejected its application to convert its Bitcoin trust into a spot Bitcoin ETF. A spot Bitcoin ETF gives investors exposure to Bitcoin, the world's largest cryptocurrency, without having to own it. 2023 was a good year for cryptocurrencies as blue chip stocks, Bitcoin, and Ethereum, delivered a return of 155% and 90%, respectively. Meanwhile, the price of the top 100 by market cap crypto coins increased by 9600% during the year.

The recent surge in cryptocurrencies came after BlackRock, Inc. (NYSE:BLK), the world's largest asset manager with assets worth over $9 trillion, filed for spot Bitcoin ETF. It is worth noting that the company's ETF business has an excellent reputation in the market. Here is what Oakmark Funds, advised by Harris Associates, said about BlackRock, Inc. (NYSE:BLK)'s ETF business in its fourth quarter, 2023 investor letter:

"We purchased shares in BlackRock, Inc. (NYSE:BLK), the largest asset manager in the investment industry, when its stock sold off on fears that higher interest rates would hurt global economic activity. BlackRock’s ETF business, iShares, outgrows competitors due to its strong brand and breadth of product offerings. BlackRock’s active management business also outgrows most other managers due to its dominance in fixed income and leadership in multi-asset, sustainable investing and alternative assets. We expect BlackRock’s total revenue to grow in the high-single digits and earnings per share to grow faster than revenue. We were pleased to add this above-market grower at a below-market multiple of earnings."

The decision by BlackRock, Inc. (NYSE:BLK) to file for spot Bitcoin ETF sent shockwaves throughout the industry, and other major investment companies such as Fidelity, Invesco, and WisdomTree followed suit. It was a historic moment for cryptocurrencies because the CEO of the world's leading investment management company, Larry Frank, dismissed it as little more than an index for global laundering in 2018. This change of heart by BlackRock, Inc. (NYSE:BLK) seems to legitimize Bitcoin in the minds of traditional investors and propelled the currency past $42,000, a historical high since 2021.

Circling back to the initial rejection of the SEC, the agency denied all spot Bitcoin applications on the grounds that the applicants were not able to show that they could protect investors from market manipulation. However, following the decision by the court, the SEC approved spot Bitcoin ETF, making the cryptocurrency more accessible to the average investor. Spot Bitcoin ETFs are now available on several traditional platforms. These are also tradeable on exchanges such as the New York Stock Exchange and NASDAQ.

Many crypto analysts had already predicted the year 2024 and beyond as rebound years for cryptocurrencies. An analyst who is quite famous on X (formerly Twitter), and is known by their pseudo name TechDev, predicted in 2023 that Bitcoin could potentially reach a price range of $100,000 to 140,000 by or before 2025. Meanwhile, Standchartered predicted in 2023 that Bitcoin could reach $50,000 by the end of that year and $120,000 by the end of 2024. However, it is essential to note that some analysts were not as hopeful at the start of 2023. Mike McGlone, chief commodity specialist at Bloomberg Intelligence predicted in 2023 that the rising interest rates would take a toll on the currency as it could fall as low as $10,000.

One of the greatest concerns regarding cryptocurrency is its ability to make a dent in the actual economy. Naysayers question its ability to be used to purchase anything online or in brick-and-mortar stores. However, much of that might change in the future. We already saw in our best cryptocurrency exchange piece how gaming could be the answer to this question, where people use cryptocurrencies and nonfungible tokens to buy and sell items. In addition, it is becoming easier to convert crypto into fiat currencies. Visa, Inc. (NYSE:V) has recently partnered with Transak to enable instant crypto-to-fiat conversions.

This collaboration will allow people in 145 countries to sell their crypto to fiat instantly, which can then be used to purchase items in the real world. This converted fund will have direct access to the capabilities of Visa, Inc. (NYSE:V)'s Visa Direct. The collaboration between Transak and Visa, Inc. (NYSE:V) is a pivotal point in cryptocurrency history as both parties have an extensive network. Tansak's infrastructure is used by over 250 crypto wallets, including MetaMask, Trust Wallet, and Ledger, all of which are part of our 15 Best Bitcoin Wallets for iPhone and Android list.

With that backdrop, let's look at the 15 best Bitcoin Wallets for iPhone and Android.

A man holding a phone and gesturing to a sign in a physical store that reads 'now accepting Bitcoin'.

Methodology

To curate our list of the best Bitcoin wallets for iPhone and Android, we cast a wide net and used seven sources (1,2,3,4,5,6,7). Each time a wallet appeared in one of our sources, it was awarded one point. Then, for each wallet, we summed up the points to arrive at the Insider Monkey Score. The higher this score, the higher the wallet ranks on our list. As a tie-breaker, we used the ranking of these crypto wallets in our sources in sequential order from source 1 to source 7.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional looking for the best stocks to buy you can benefit from the wisdom of hedge funds and corporate insiders.