Apple has established itself as the most remarkable and renowned names in the tech industry with its state of the art products. The tech behemoth rules the markets with its flagship smartphone iPhone and highly secure software products.
Now analysts have suggested that Apple should join the cryptocurrency bandwagon as the firm is positioned perfectly to provide crypto services.
Apple Perfectly Positioned To Offer Crypto Services
The RBC Capital Markets has presented a report in which the Analysts have pointed out that Apple would be able to generate massive profits if it launches cryptocurrency. As reported by Coindesk, the analyst recommended that the iPhone manufacturer can quickly scale up more than $40 billion considering its large user base. As per the report, Apple already allows users to make payments through various digital wallets to its millions of users. During the coronavirus pandemic, a larger number of users have started using online payments giving a boost to digital financial systems. With its digital payments system in place, Apple is perfectly positioned to offer cryptocurrency services.
Mitch Stevas, the RBC analyst, has suggested that the bitcoin related profits of Square in every quarter is around $1.8 billion for about 30 million install base. Drawing the comparison, he further added that “Apple’s install base is 1.5 billion, and even if we assume only 200 million users would transact, this is 6.66x larger than Square; therefore, the potential revenue opportunity would be more than $40 billion a year (15% incremental top-line opportunity).”
Apple being the leader in US markets, can play a pivotal role in pushing cryptocurrencies to the next level. Apart from being a market leader with its cult products like iPhone, iPad and Mac, the firm also enjoys a substantial and loyal user base. As leading organizations in the world begin to recognize the potential of cryptocurrency, it is presumably the right time for Apple and others to start taking crypto more seriously. Recently Tesla sent the crypto markets on a rollercoaster after announcing that it bought $1.5 billion worth bitcoin. The RBC Analyst further added that Apple has the potential to overcome the regulatory issues which often baffle the cryptocurrency markets. The analyst elaborated that if Apple joins the cryptocurrency markets and runs a crypto exchange, then it would be highly beneficial for Bitcoin and crypto in general. The US may not consider banning the crypto if an influential player like Apple is in the business.
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