(Reuters) – Apple Inc. has a “clear opportunity” to provide a buy-and-sell mechanism for cryptocurrencies, a move that would allow the company to gain market share immediately, according to a research report by RBC Capital Markets on Monday.
With access to world-class software and a secure ecosystem, Apple could address the issue facing people purchasing cryptocurrencies due to customer laws and other regulations, with the company offering a closed system that prevents adverse activity. improves asset security, and has instant access to buyers and sellers, the report said.
He added 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 cryptographic assets, diminishing the possibility of a government shutdown of the industry.
“If the US owns most of its cryptocurrencies (whether it’s Bitcoin or other assets), it wouldn’t make sense, in our opinion, to ban it,” RBC analysts said in the report.
The report came on the same day that top bitcoin cryptocurrencies approached general acceptance after billionaire Elon Musk’s electric vehicle company, Tesla Inc., revealed that it had bought $ 1.5 billion in bitcoin and would accept in soon as a form of payment for cars – sending the cryptocurrency pulling above.
Apple has been cautious with cryptocurrencies. The company banned cryptocurrency wallets from the App Store in 2014, but later reversed the decision and now allows them. However, Apple prohibits the exploitation of cryptocurrencies on the iPhone and does not allow the use of its Apple Card for the purchase of cryptocurrencies.
Karen Pierog’s report to Chicago; Additional reporting by Stephen Nellis in San Francisco; Editing by Alden Bentley and Matthew Lewis