Apple Well Positioned to Offer Crypto Trading — Analyst Says Company Should Hold Bitcoin in Treasury – Exchanges Bitcoin News


According to an analyst with global investment bank RBC Capital Markets, Apple Inc. is well positioned to offer cryptocurrency trading. Apple will not only immediately gain market share in the crypto sector, but with this step the Iphone manufacturer could also achieve annual sales of well over 40 billion US dollars. Additionally, the analyst says Apple should follow Tesla’s lead and add Bitcoin to its balance sheet.

According to the analyst, Apple should benefit from the offer of crypto trading and add Bitcoin to the Treasury

Mitch Steves, an analyst at RBC Capital Markets, believes Apple Inc. has a “clear opportunity” to offer the buying and selling of cryptocurrencies, which he believes would lead the company to gain market share immediately. Getting into the crypto exchange business will also bring Apple a significant source of revenue annually, he said. His comments followed news that Elon Musk’s Tesla had put $ 1.5 billion in bitcoin.

The analyst predicts that the iPhone maker could create a sizable new market for growth if it turned its Apple wallet into a crypto exchange. He wrote in a note to customers this week:

The wallet initiative appears to be a clear multi-billion dollar opportunity for the company (potential for well over $ 40 billion in annual sales with limited research and development).

“If the company decides to enter the Crypto Exchange business, we believe the company could immediately gain market share and disrupt the industry,” said the RBC analyst.

Steves also stated that Apple’s secured ecosystem will provide additional security for the crypto exchange business.

The RBC analyst noted that Apple, which offers a crypto exchange app, would likely make the US a world leader in crypto assets and reduce the possibility of the government closing the industry. “If the US owns most of the crypto assets (be it Bitcoin or other assets), it would not be logical in our view to ban them,” said Steves in the report.

In addition to entering a cryptocurrency business, Apple said the analyst would also benefit from following Tesla’s example and adding Bitcoin to its balance sheet. “This would send even more users to the Apple Exchange,” he explained, adding that it would also raise the price of Bitcoin.

Do you think Apple will soon keep Bitcoin in its treasury and offer crypto trading through its app? Let us know in the comments below.

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