Tesla’s purchase of over $1 billion worth of Bitcoin today has rightly dominated the headlines of the crypto industry and in no time, one Wall Street firm has advised Apple to join the crypto fray too.
RBC Capital Markets has released a report in which it advised the world’s largest publicly traded company with a market capitalization of over $2 trillion to invest in the leading crypto asset. According to the report, the iPhone maker could easily generate $40 billion from the crypto industry and the move could also help the United States dominate the crypto industry for the next decade or two.
In a world that has increasingly become dominated with cashless payments and with the firm already providing a payment wallet for its users, it easily would be able to solve the know-your-customer regulatory issues associated with crypto assets. The report noted that the company could just create a “closed system in which it only transfers the ownership of crypto between customers.” However, it could still choose to leverage on “an open system that uses a Bitcoin wallet and banking service Strike or Bitcoin’s Lighting Network to reduce the cost of converting fiat to crypto.”
Apple can Build its own Crypto Exchange
RBC also hinted that the popular phone maker can leverage on its popularity to build a crypto exchange platform. The brokerage firm believes that this would drastically reduce the chances of the authorities in the United States banning the digital asset in the future.
This would also allow people in the country to be able to “acquire the most crypto assets from a global perspective.” It also hinted that the world-class facilities of the company would allow the authorities and the users to have a level of confidence about their user’s information security and their balances if it is needed in the future.