The biggest news in the crypto industry for the past 48 hours was Tesla’s purchase of Bitcoin that is worth well over $1 billion. One financial blog, Zero Hedge, had correctly predicted that the autonomous carmaker was going to soon pivot into cryptocurrencies. The multi-million question on the mouth of many crypto enthusiasts is “which institution will adopt crypto after Tesla?”
RBC Capital Markets thinks the next firm that should be interested in the crypto industry is the top phone maker, Apple. According to the firm’s report, Apple can leverage on its user base to create a Coinbase-like Apple Exchange later which allows bitcoin transactions and which would add about $50 billion in value.
Zero Hedge says Apple Stock Would Rise if it Purchases BTC
Zero Hedge noted that the value of Bitcoin had risen from $11,927 to $13,083 when PayPal announced that it was adding crypto features to its gateway system. The blog noted that the value of the coin is also going through the same surge in its price as the value of the coin has grown from its previous value to highs of over $45,000.
It was added that Tesla saw its stock rise with the news of its crypto acquisition and the same would happen with Apple if it were to make the same purchase of cryptocurrency. This would result in a “win-win” situation for everyone in the crypto industry. As such, the only question is when “Apple would pursue such a strategy.”