(Reuters) – Apple Inc has a “clear opportunity” to offer a buying and selling tool for cryptocurrencies, a move that would allow the company to gain immediate market share, according to a Monday report from RBC Capital Markets.
With its access to world-class software and a secure ecosystem, Apple could address the problem faced by individuals acquiring crypto assets as a result of familiar laws of your customer and other rules by the company that offer a closed system that prevents fraudulent activity, improves asset security, and has instant access to buyers and sellers, the report said.
He said that if Apple, which already has a Wallet app, were to go down this path, the move would likely make the United States a global leader in crypto assets, reducing the chance that the business would close the business.
“If the majority of crypto assets (whether Bitcoin or other assets) are owned by the US, it would not make logical sense in our view to ban it,” RBC analysts said in the report.
The report came the same day that the major cryptocurrency bitcoin traveled closer to mainstream adoption after Elon Musk’s billionaire electric vehicle company Tesla Inc revealed that it had bought $ 1.5 billion of bitcoin and accepted it. soon to be a payment method for cars – sending the cryptocurrency firing higher.
Apple has proceeded cautiously with cryptocurrencies. The company banned cryptocurrency wallets from their App Store in 2014, but reversed the decision and will allow it now. However, Apple bans mining for cryptocurrencies on iPhones and does not allow the use of its Apple Card credit card to purchase cryptocurrencies.
Reporting with Karen Pierog in Chicago; Further statement by Stephen Nellis in San Francisco; Edited by Alden Bentley and Matthew Lewis