RBC Capital Markets, a global investment bank, has issued a new note to clients in which advised Apple to establish its own cryptocurrency exchange, Bloomberg reports. RBC's analyst Mitch Steves says modernization of Apple Wallet into a cryptocurrency exchange would be a "clear multi-billion dollar opportunity for the firm."
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Steves estimates Apple could profit over $40 billion in annual revenue with crypto support. He also believes Apple's decision to buy bitcoin (EXANTE: Bitcoin) would significantly increase the amount of potential clients.
"This would send even more users to ‘Apple Exchange,'" Steves added.
So far, Apple has not made a single hint of potential support for the cryptocurrency market. In October 2019, Apple's Chief Executive Tim Cook said the company was not considering the possibility of launching its own cryptocurrency. Back then the Apple CEO said that a currency should stay "in the hands of countries."
"I am not comfortable with the idea of a private group setting up a competing currency," Cook said in an interview with French newspaper Les Echos.
In the meantime, Apple's revenue for the first quarter of fiscal year 2021 experienced a 21% increase compared to the same period in 2020 to $111.4 billion.
Earnings per share rose 35% to $1.68. iPhone sales accounted for 57% of total revenue and reached a record $65.6 billion, up 17% from the previous year. The last iPhone sales record was reached in 2018, when the company earned $61.5 billion from the sales of the device.
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