Y
Yoni Heisler
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- Apple should buy bitcoin and create a cryptocurrency exchange, according to a new report from RBC analyst Mitch Steves.
- Steves speculates that embracing cryptocurrency could become a $40 billion/year business for Apple.
Tesla earlier this week made waves in the crypto world when it revealed, via an SEC filing, that it recently purchased $1.5 billion worth of bitcoin. Additionally, the EV maker said it would start accepting bitcoin as a payment method for its products. Predictably, Tesla throwing its weight behind bitcoin sent the price of the cryptocurrency up a few thousand dollars. Just last week, bitcoin was in the $36,000 range whereas now it's in the $47,000 range.
In light of that, RBC analyst Mitch Steves in a new investor note argues that Apple would be well-served by following Tesla's lead. Steves believes that Apple has a tremendous opportunity to pad its bottom line by buying bitcoin and creating its own crypto exchange. If incorporated into the Apple Wallet app, Steves notes that Apple's security expertise would instantly make it a force to be reckoned with.
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Embracing cryptocurrency could net Apple $40 billion in additional revenue, analyst says originally appeared on BGR.com on Tue, 9 Feb 2021 at 17:02:01 EDT. Please see our terms for use of feeds.
Via BRG - Boy Genius Report