The iPhone maker could create a sizable new market for growth if it were to develop its Apple Wallet into a crypto exchange, said analysts
Apple should follow in Tesla footsteps, but by getting into cryptocurrencies, not electric vehicles, according to RBC Capital Markets.
The iPhone maker could create a sizable new market for growth if it were to develop its Apple Wallet into a crypto exchange, said analyst Mitch Steves.
“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),” Steves wrote in a note to clients.
Companies like Square Inc. and PayPal Holdings Inc., along with closely held exchanges like Coinbase, have all validated the exchange model as a real business, he said, and Apple would immediately gain market share if it were to enter the industry. In addition, Apple’s ecosystem would offer improved security relative to the companies that would be its competitors.