Canadian bank says Apple could be next to buy Bitcoin, build crypto exchange
After Tesla’s (NASDAQ: TSLA) announcement of Bitcoin (BTC) purchases on Monday, February 8, all eyes are now on Apple Inc (NASDAQ: AAPL). Industry experts say that the next big announcement is likely to come from the Cupertino-based tech giant.
The latest research report released by RBC Capital Markets states that Apple has a “clear opportunity” to start offering a crypto trading facility, a move that will help the company to further gain a massive market share. The report states that Apple has got the technological prowess and a secure ecosystem that can make crypto buying/selling extremely easy for retail players.
Keeping other regulatory checks in place, RBC Capital thinks that Apple can offer a closed system that provides high-grade asset security along with preventing other nefarious activities. The report further states that Apple can leverage its own wallet application thereby also becoming a global leader in the crypto space.
Interestingly, the report mentions that Apple’s entry into the crypto space with further lessen the possibility of a government ban anytime in the future. “If the USA owns the most crypto assets (be it Bitcoin or other assets), it would not make logical sense in our view to ban it,” wrote RBC analysts, in the report accessed by Reuters.
Apple’s Past Stint With Cryptocurrencies
While speculations are ripe that Apple is soon the announce its entry into the crypto space, the company has proceeded cautiously on its approach with cryptocurrencies. Back in 2014, Apple has banned all crypto wallets from its App Store.
However, looking at the rising retail participation, Apple reversed the decision later. But Apple still doesn’t allow mining cryptocurrencies on iPhone devices. Also, it doesn’t allow users of Apple Pay credit cards to buy cryptocurrencies.
Apple supporting crypto trading facility seems to be a bit ambitious expectation at this stage. However, a much reasonable expectation is Apple following Tesla and putting part of its massive cash reserves into Bitcoin. Just like Tesla, if Apple decides to put 10% of its reserve cash in BTC, it would mean a massive $16 billion inflow from the tech giant.
