Investors and analysts are urging Apple to launch its own cryptocurrency.
According to RBC Capital Markets, Apple should shift its focus from cryptocurrencies to electric vehicles, helping the company create a new market for growth and using its Apple Wallet to introduce a cryptocurrency exchange service, according to analyst Mitch Steves.
The news follows Elon Musk’s decision to invest $1.5 billion in Bitcoin, and promising that his company Tesla would start accepting the cryptocurrency as a form of payment. The news helped Bitcoin prices to soar 16%, and it had a positive impact on Tesla’s shareholding, too.
Apple is no stranger to currency. As well as its Apple Pay contactless payment solution, the company recently entered into borrowing with the launch of Apple Card in the United States. Leaked iOS code suggests the company would even launch the service in other territories.
By adding cryptocurrency to its belt, both through exchange and the launch of its own currency, Apple could further enhance its financial services division and unlock new revenue streams at a time when the company is aggressively diversifying its service portfolio.
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