Is it Apple's turn to buy Bitcoin (BTC) after Tesla?
Experts think Apple could buy Bitcoin.
Tesla, run by the world's richest person, recently announced a $ 1.5 billion purchase of Bitcoin (BTC). This news was enough to push the price of Bitcoin up to $ 48,000, and many important names stressed that this is one of the most important events for BTC. Industry leaders believe it may be Apple's turn to buy Bitcoin after Tesla.
Apple Could Boost Its Earnings With Bitcoin
Paul Steves, a securities expert and analyst at Royal Bank of Canada, noted that Apple has annual revenue of more than $ 40 billion, stressing that buying BTC could have more impact than even Tesla. The fact that Square, the payments company that began accepting Bitcoin payments, reports $ 1.6 billion in BTC revenue in the third quarter of 2020 may be a factor that appeals to Apple.
Square, led by the Twitter CEO, has 30 million active users, and it seems that this remains very, very low compared to Apple users. Even if Square generates $ 1.6 billion in revenue by providing cryptocurrency services, the revenue of a giant like Apple could be much higher.
Apple's Share Could Be More Than Tesla's
Steves said he thought the firm could step into the sector in 2021 after arguments he made about the issue. It is estimated that Apple's acquisition of Bitcoin or entry into the cryptocurrency sector could keep the giant company in a leadership position for at least 20 years. Although Elon Musk is the richest name in the world, Apple's share is much, much greater than Tesla's.
Steves believes a smart CEO like Tim Cook wouldn't miss an easy opportunity like Bitcoin. Tesla's announcement that it will accept car payments with BTC may also inspire Apple in this regard. This could accelerate mainstream acceptance if Apple, which has sold 1.65 billion devices as of January 2021, accepts Bitcoin payments.
“Tim Cook Doesn't Miss This Opportunity”
Famous fund manager Jason A. Williams ' insinuating post that Apple could also buy Bitcoin suggests that this is, in fact, an impending situation. Dan Weiskopf thinks that if that happens, Apple could invest $ 10 to $ 20 billion for more earnings in the long term.
Apple's acceptance of BTC payments could certainly be a development with a “game-changer” effect. If the price of Bitcoin rises above $ 50,000 with this development, it will be quite possible.