TR;DR Breakdown
- The U.S. might not go through with placing a ban on cryptocurrencies if Apple launches a crypto exchange.
- Reports claim that a crypto exchange from Apple will yield income.
An analyst from Canada’s largest bank has suggested that the makers of top-notch items should create their own native Apple crypto exchange. This comes after other firms like PayPal and Square recently aligned with the moving train of cryptocurrency.
It is not a surprise that this demand was expressed after Tesla, another top company, recently purchased $1.5 Billion worth of Bitcoin. Apple, with a net capital of $2.3 trillion, should also follow suit, but this time, not with investments rather an Apple crypto exchange. However, it is expected that Apple will eventually profit from the growing cryptocurrency market.
Apple crypto exchange will generate huge profits, reports
According to reports from RBC capital markets, if Apple should create a native cryptocurrency exchange, it could easily generate profits up to $40 billion or more. It has already made payment wallets available to its millions of customers in a cashless economy. Last year, the global economy faced a massive decline to the effect of the worldwide coronavirus pandemic, causing the whole world to result to digital currencies.
If Apple does create the crypto exchange, it will be of great importance to the entire U.S community as it would increase the growth of cryptocurrency in the country and the world at large.
Furthermore, RBC spoke of the competition in the cryptocurrency market, particularly that of crypto exchanges. The brokerage firm reported that the competition was very little and that U.S. cryptocurrency regulations make things difficult for customers to purchase crypto. Although, exchanges also face severe downtime when cryptocurrencies are trading in high volume.
However, with an Apple crypto exchange, Apple could find a lasting solution to KYC and regulations if created with the motive of transferring ownership of cryptocurrencies within users. By developing an open system, Apple may also reduce the price of converting traditional currencies to cryptos.
Finally, creating an Apple crypto exchange may reduce the chances of the U.S. placing a ban on Bitcoin and other cryptocurrencies, given that Apple’s software is exceptionally trustworthy and secure.
