Opinion: Apple needs to launch its own crypto exchange and invest in bitcoin

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Analysts at investment bank RBC Capital Markets urged Apple to follow Tesla’s lead and capitalize on the growing interest in digital assets. Bloomberg reports.

According to the author of the note to clients, Mitch Steves, Apple should launch its own cryptocurrency exchange based on the Wallet app.

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“The wallet initiative seems like an obvious multi-billion dollar opportunity for the firm (with more than $ 40 billion in annual revenue potential with limited R&D spending),” the analyst noted.

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Steves believes that the tech giant should buy and store bitcoin and other coins as reserve assets. According to him, the profit from Apple’s investments of $ 1 billion (the amount generated by the company’s cash flow in 4-5 days) would be enough to cover the costs of creating a cryptocurrency wallet or exchange.

 

“This will attract even more users to the Apple Exchange,” Steves wrote.

 

The analyst added that the company’s decision to invest in digital assets or create a cryptocurrency wallet / exchange will accelerate Bitcoin’s growth.

The investment bank is confident that entering the digital asset industry will be less risky for Apple than the creation of an electric car, rumors about which appeared back in December. On February 8, Hyundai denied reports of cooperation with the tech giant, Bloomberg wrote.

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