RBC Capital Markets: Apple should buy Bitcoin and launch a crypto exchange

Analysts at RBC Capital Markets urged Apple to follow Tesla’s example and profit from rising interest in digital assets. Bloomberg reports.

According to the client note by Mitch Steves, Apple should launch its own cryptocurrency exchange based on the Wallet app.

“The wallet initiative seems an obviously multi-billion-dollar opportunity for the firm (with potential of more than $40 billion in annual revenue with limited spending on research and development),” the analyst noted.

Steves is confident that the tech giant should buy and hold Bitcoin and other coins as reserve assets. According to him, Apple’s $1 billion in earnings (the amount generated by the company’s cash flow in 4-5 days) would be enough to cover the costs of creating a cryptocurrency wallet or exchange.

“This will attract even more users to Apple Exchange,” wrote Steves.

The analyst added that the decision to invest in digital assets or to create a cryptocurrency wallet/exchange would accelerate Bitcoin’s growth.

The investment bank believes that entering the digital assets industry would be less risky for Apple than building an electric vehicle, rumors about which surfaced as early as December. On February 8, Hyundai denied reports of collaboration with the tech giant, Bloomberg wrote.

Earlier on February 8, Tesla founder Elon Musk invested $1.5 billion in Bitcoin, after which the price of the asset began to surge and in less than a day surpassed the $48,000 mark.

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