Analyst : Apple is ready to start accepting bitcoin
According to Mitch Steves, an analyst from global investment bank RBC Capital Markets, the largest bank in Canada, Apple Inc. is well positioned to offer cryptocurrency trading. He figures that the payments firm Square generates about $1.6 billion per quarter in bitcoin-related revenue on an active install base estimated at around 30 million.
“Apple’s install base is 1.5 billion, and even if we assume only 200 million users would transact, this is 6.66x larger than Square,” according to the report. Not only will Apple gain instant market share in the crypto space, but the move could also generate Apple well over $40 billion in annual revenue. In addition, the analyst says that Apple should follow Tesla’s example and add bitcoin to its balance sheet.
He also stated that the development of the technologies needed to enable crypto would be considered low cost for apple, because Square does it in a $1 billion R&D budget while Apple spends arround $18.75 billion.
The wallet initiative appears to be a clear multi-billion dollar opportunity for the firm (potential for well over $40 billion in annual revenue with limited R&D).
It’s important to remember that Apple already provides payments wallets for millions of consumers and the trends show that it’s impossible to think about the future without thinking about digital wallets and money.
What do you think dear reader, should Apple start accepting bitcoins for their products ?