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Can Apple be the following firm after Tesla to adopt Bitcoin?

"The firm could unlock a multi-billion dollar opportunity with a few clicks," said analyst Paul Steves.

Tesla Motors yesterday revealed that it had made a big acquisition of Bitcoin and intended to launch crypto payments in the future. Those in the industry now speculate that the next institutional player to accept the crypto asset would be Apple.

 The entry of the tech company into crypto in a market study by Royal Bank of Canada Dominion Securities analyst Paul Steves could raise more than $40 billion in annual sales and create waves around the industry. 

He based this forecast on the experience of Bitcoin sales at Square payments firm, which reported BTC revenue of more than $1.6 billion in Q3 2020. Square has about 30 million monthly active users, a fraction of the user base for Apple, estimated as of January by CEO Tim Cook to be 1.65 billion devices. 

“If [Apple] decides to enter into the crypto exchange business, we think the firm could immediately gain market share and disrupt the industry,” said Steves, according to cointelegrapg.com, adding that the move could help make the U.S. a crypto leader for up to 20 years. “The firm could unlock a multi-billion dollar opportunity with a few clicks.” 

In November, Dan Weiskopf, portfolio manager of Toroso Investments, said that investing Apple between $10-20 billion in Bitcoin would be more profitable in the long run than “aggressively buying back stock” from the tech company. He added that crypto investment would also be a hedge against inflation.

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