Analyst says Apple should follow Tesla into the cryptocurrency game
What you need to know
- Mitch Steves, an analyst at RBC Capital Markets, says Apple should get into crypto.
- The analyst says it could generate $40 billion in business for the company.
As reported by Coindesk, one financial analyst is calling on Apple to follow Tesla into the Bitcoin game. Mitch Steves, an analyst at RBC Capital Markets, says Apple could benefit itself and set the United States up as a technological leader in cryptocurrencies for a decade if it was to get into the business.
Steves bases his estimates on comparing Apple to Square, who currently accepts cryptocurrency.
The analyst also believes Apple getting into cryptocurrency could ensure the currency is not banned in the United States.
Steves suggests that Apple could even fund its foray into cryptocurrency by following Tesla and investing in a Bitcoin.
While this would certainly be interesting, there are currently no rumors that Apple has any plans to get into cryptocurrency.
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Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.