RBC claims that a chance of investment by Apple in bitcoin would skyrocket the price of the currency. Apple could now be a possible cause of the US becoming a leader in the cryptocurrency industry.
According to an RBC Capital Market report, the technology giant Apple has probabilities of suffering a growth in its income if they decide to enter the market of the exchange of bitcoin and other cryptocurrencies.
RBC assures in a document that if Apple brings an ideal platform for the purchase and sale of bitcoin, there is a high chance for the company to earn around USD 40 billion annually.
Apple currently offers financial services with the Apple Card to 1.5 billion customers around the world. Still, the company also extends its capacity to the possibilities that a cryptocurrency exchange system brings.
A cryptocurrency exchange would be a potential cause for an increase in Apple’s power over the industry. In that sense, they believe that the company “could gain market shares immediately and at the same time make the United States a total leader in the cryptocurrency industry for the next 10 to 20 years.”
According to the calculations of the firm, if Apple invests $ 1 billion in bitcoin, which is equal to four days of cash flow, this investment would cause many users to carry out transactions of a hypothetical “Apple Exchange,” which would lead to an increase in the price of the famous cryptocurrency.
RBC analyst Mitch Steves compared the Square payments platform that Jack Dorsey as a leader and CEO of Twitter, generates in terms of quarterly revenue and exchange under Apple’s commandment.
Apple and the Acceptance of Bitcoin in the US
Another highlighted aspect in the text by Steves is the power that Apple manages. If the company decided to start a bitcoin system, it would restrict using the United States’ precious currency.
Analysts consider that that country would have most of the digital assets in its possession, so it would “make no sense to ban it.”
Similarly, the expert comments that Apple can face the challenges that arise in terms of regulations, including the KYC (Know your customer) protocols.
BC Capital Marks’ report coincided with the publication date, with the announcement that the car company Tesla made about the acquisition of USD 1.5 billion in bitcoin. Bitcoin climbed to a new all-time high price due to the Bitcoin purchase by Tesla, ranging from $ 39,000 to reach $ 48,000.
By: Jenson Nuñez
