- Apple could be the next company to disclose a Bitcoin holding.
- Tesla and Apple have a strong relationship that makes the possibility likely.
- Analysts say Apple is well-positioned to offer cryptocurrencies.
Speculation is rife that Apple is the next big company to convert some of its cash reserves into Bitcoin. The rumor is not baseless when taking into consideration the connection between Apple and Tesla.
Apple is currently working on developing an Apple car that will rival Tesla. The Apple car project started in 2014 and has had several setbacks. However, in 2020 Apple hired former Tesla engineer Doug Field and plans to release the first Apple car in 2024.
Previously, Apple turned down an offer to buy Tesla. Elon Musk claims that Apple Inc. CEO Tim Cook declined to meet with him to discuss the proposed $60B buy-outs. At the time, Cook opted to directly enter the electric car market as a Tesla rival.
Apple software and security could enable the company to develop the Apple Wallet further. This would allow the Apple Wallet to be crypto compatible. Also, it would be easier for crypto to be adopted by Apple users.
The report further claims that if Apple acquired $5B worth of Bitcoin, which is equivalent to 25 days of cash for the company. Then it would only require a 10% rise for the company to fully fund the cryptocurrency project. Bitcoin, at the time of writing, spiked over 20% in 24 hours making the proposition feasible.
RBC also claims that holding Bitcoin will positively impact Apple stock as shown by MicroStrategy and Tesla. Furthermore, major crypto exchanges like Coinbase are worth billions proving that Apple could benefit from this venture.