Apple, being a producer of the recent high trending gadgets in the markets ranging from iPhones to iPads, and other smart objects, is currently the most traded company by the public with a market cap of 2.3 trillion US Dollars.
This fact makes a Wall Street Analyst suggest that maybe it is the right time for Apple to join the cryptocurrency train as a benefit from the announcement made earlier today by the electric vehicle maker, Tesla, on their investment of $1.5 Billion in Bitcoin.
In a news report released from a popular broker in the financial market, RBC Capital Markets predicted that Apple might be able to get over $40 Billion from the recent trend in the cryptocurrency market. Apple is a very large company that offers wallets for payments to millions of its users in a cashless economy since the hit of the global COVID-19 pandemic in 2020. Analysts in the RBC Capital then continued that Apple’s move to join the crypto market will be of great help in making the United States a strategic technological leader in the crypto market for the next one or two decades.
Mitch Steves, an analyst in RBC Capital, declared that a payment firm named Square generates up to $1.6 billion in a quarter in revenue related to bitcoin on an active user base that is estimated at 30 million.
However, comparing Apple’s user base with that of Square reveals that it is 6.66 multiplies that of Square even if a user base of 200 million users was assumed. But in real fact, the user base is around 1.5 billion. With this, Apple could be generating over $40 billion in a year leveraging on this great opportunity.
Based on the report, the cost of research and development involving setting a path in the crypto space would be less than $1 Billion.
“Looking at the competition in the market, it is quite light, considering how the regulations of the US make it difficult for customers to buy crypto and how many exchanges run down in times of high volumes” RBC Capital analysts posited.
The analysts then added that “the involvement of Apple in a cryptocurrency exchange will lower the chance of the United States banning Bitcoin in the future.”
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