Apple Should Buy Bitcoin, Turn Wallet App Into Crypto Exchange: RBC

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Apple Should Buy Bitcoin, Turn Wallet App Into Crypto Exchange: RBC

Investment bank RBC Capital Markets believes Apple should buy Bitcoin and launch a crypto exchange.

The remarks come following Tesla’s $1.5 billion Bitcoin purchase earlier today.

RBC suggests that getting into crypto would be less risky than Apple’s rumored electric car project.

Apple is one of the most valuable companies in the world thanks to the success of its iPhones, Mac computers, and software products. Long-simmering rumors about its work on an electric car project have heated up again recently, but at least one bank believes the company should turn its attention to something else: Bitcoin.

RBC Capital Markets, an investment bank which is part of the Royal Bank of Canada, told clients in a note today that it believes Apple is poised to take advantage of rising interest in cryptocurrency. RBC suggests that the tech giant should build a crypto exchange within its existing Wallet service for the iPhone, and that getting into crypto would be less risky and costly than making electric cars.

”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),” wrote RBC analyst Mitch Steves, according to Bloomberg.

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