Tesla Motors announced earlier today that it has made a major purchase of bitcoin and plans to introduce cryptocurrencies in the future. Some in the industry now expect Apple to be the next institutional player to use cryptocurrencies.

In a market report by Royal Bank of Canada Dominion Securities analyst Paul Steves, the crypto tech firm’s implementation could generate more than $ 40 billion in annual revenue and cause a wave of industry-wide waves.

He based his forecast on the Bitcoin (BTC) revenue record at the Square payment company, which reported $ 1.6 billion in BTC revenue in the third quarter of 2020. Square has about 30 million monthly active users, which is Apple’s share. Mounting base. According to CEO Tim Cook, there will be 1.65 billion units as of January.

“If [Apple] decides to enter the cryptocurrency exchange business, we believe the company can immediately gain market share and disrupt the industry,” Steves said, adding that the move could help make the United States a leader in digital currencies for up to 20 years . … “A company can open up a billions of dollars in opportunity with just a few clicks.”

Earlier today, Tesla Motors announced that it has set aside a portion of Bitcoin balance and will introduce an auto cryptocurrency at a later time. The emergence of a high-profile player in the tech industry – and the subsequent spike in the price of BTC to an all-new high – has led many in the crypto community to complain that Apple should be next.

Dan Weiskoff, portfolio manager at Toroso Investments, said in November that Apple’s $ 10-20 billion investment in Bitcoin would be more profitable in the long term than the tech company “which is aggressively buying shares.” He added that investing in cryptocurrencies would also become an inflation hedge.

With a market value of over $ 2.2 trillion, Apple is the most valuable company in the world and has around $ 200 billion in cash – it is supposed to buy 25% of all Bitcoin in circulation.

Source: CoinTelegraph