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- If Apple develops a wallet then it would be a multi-billion dollar for the firm
- Shares of the apple rose to 70%
- PayPal saw a jump of 40%
Many analysts from the Cryptocurrency market believes that Apple Inc. should get into the cryptocurrency business and open up with a crypto exchange. This will add more users to apple and that the bitcoin prices will also further improve if Apple plans to enter the crypto market
Crypto Market Analysts
According to Analysts from the Crypto Market, Apple should now get into the cryptocurrency circuit just like Tesla Inc. As per RBC Capital Markets, Apple Inc. should follow suit like Tesla Inc. and should get into cryptocurrency and not into electric vehicles.
RBC Capital believes that if Apple creates an apple wallet, the iPhone maker will create a buzz in the market.
Analyst MItch Steves believes that a good market for growth can be created if Apple develops its wallet for the crypto exchange.
He further said that if Apple develops a wallet then it would be a multi-billion dollar for the firm. It could be over $40billion annually with limited R&D. He stated in the note that unlike PayPal, and Square Inc. along with closely held exchanges like coinbase. These companies have validated the exchange model as a real business and if Apple comes to the market it will also create market growth and immediately gain market share. Also, Apple would give improved security to its competitors if it comes into the crypto market.
Accepting cryptocurrency for payment
The shares of Apple rose to 70% in the past year, closing on 0.1% up in the Monday’s session. PayPal saw a jump of 40% after the announcement that it would allow customers to buy, hold and sell cryptocurrencies directly from their PayPal accounts.
RBC’s prediction comes at a time when companies are showing keen interest in bitcoin and other cryptocurrencies. It is to be noted that Tesla Inc. had invested $1.5 billion in bitcoin and now shows its interest in accepting bitcoin in the form of payments.
The news soares the prices of bitcoin to 16%, crossing $40,000 and again hitting a record high. Tesla rose to 1.3% in Monday’s trading session. While Apple’s opportunity is in building a cryptocurrency exchange, the company should also consider investing in bitcoin or adding any other cryptocurrency to its balance sheet.
As RBC puts it this step by apple would add more users to the portfolio of the company and would add more users to apple exchange as well. This step will, however, further boost the prices of bitcoin.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
