will apple also follow this example of tesla and buy bitcoin?

Everyone got the news about the big Bitcoin purchase from Tesla Motors and the fact that the company wants to introduce crypto payments in the future. This news has had a huge impact on the Bitcoin price. For example, the currency even managed to set a new all-time high of about $ 45,000.

However, the adoption of Bitcoin at Tesla Motors may encourage other major institutions to hold the royal coin in their treasury reserves as well. In fact, some market observers are already speculating that Apple will be the next institutional player to adopt the number one cryptocurrency.

In a market report by Royal Bank of Canada Dominion Securities analyst Paul Steves, the tech company's introduction into crypto could bring in more than $ 40 billion in annual revenue and cause shock waves across the industry.

He based this prediction on the history of Bitcoin (BTC) revenues at payment company Square, which reported more than $ 1.6 billion in revenue from BTC in the third quarter of 2020. Square has approximately 30 million monthly active users, which is a fraction of Apple's customer base. For example, CEO Tim Cook indicated that it has approximately 1.65 billion different devices under management.

“If Apple decides to enter the crypto exchange business, we believe the company can immediately gain market share and disrupt the industry,”

said Steves, adding that this move could help the United States become a crypto leader for a period of up to 20 years. He concluded with:

"The company can unlock a multi-billion dollar opportunity with a few clicks."

In November, Toroso Investments' portfolio manager Dan Weiskopf also indicated that if Apple invested between $ 10-20 billion in Bitcoin, that investment would be more profitable in the long run than if the technology company “aggressively bought back shares”. He added that the crypto investment would also be a hedge against inflation.

With a market capitalization of more than $ 2.2 trillion, Apple is the most valuable company in the world and has approximately $ 200 billion in cash. This would hypothetically be enough to buy 25% of all Bitcoin in circulation.

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