Analysts at the global investment bank RBC Capital Markets said that Apple is in a good position to provide cryptocurrency trading. Not only will Apple gain instant market share in the cryptocurrency field, but this move will also bring the annual revenue of the iPhone maker to more than $40 billion. In addition, the analyst stated that Apple should follow Tesla’s example and add Bitcoin to its balance sheet.
Analysts say that Apple will benefit from providing cryptocurrency transactions and Bitcoin should be added to the Ministry of Finance
RBC Capital Markets analyst Mitch Steves believes that Apple has an “obvious opportunity” to offer the opportunity to buy and sell cryptocurrencies, which he said will result in the company’s immediate market share. He detailed that entering the cryptocurrency exchange business will also bring Apple a considerable source of income every year. His remarks were preceded by news that Elon Musk’s Tesla invested $1.5 billion in Bitcoin.
The analyst predicts that if the iPhone manufacturer develops its Apple Wallet as a cryptocurrency exchange, it can create a huge new market for it. He wrote in a note to customers this week:
The wallet program is obviously a multi-billion dollar opportunity for the company (if R&D is limited, annual revenue may exceed 40 billion U.S. dollars).
RBC analysts said: “If the company decides to enter the cryptocurrency trading business, we think the company can immediately gain market share and disrupt the entire industry.”
Steves also said that Apple’s security ecosystem will provide more security for the cryptocurrency exchange business.
RBC analysts pointed out that Apple’s provision of crypto trading applications may make the United States a global leader in crypto assets and reduce the possibility of the government shutting down the industry. Steves explained in the report: “If the United States has the most crypto assets (whether it is Bitcoin or other assets), in our opinion, it would be illogical to ban it.”
Analysts said that in addition to getting involved in the cryptocurrency trading business, Apple will also benefit from Tesla’s example and add Bitcoin to its balance sheet. He detailed: “This will enable more users to use the’Apple Exchange’.” He added that this will also increase the price of Bitcoin.
Do you think Apple will soon hold Bitcoin in its inventory and provide encrypted transactions through its app? Let us know in the comments section below.
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