Will Apple Jump The Cryptocurrency Wagon? It Should!

Apple should introduce a solution that enables its users to easily buy and sell a cryptocurrency, as per an RBC Capital Markets report. It will also give Apple an immediate share in the technology market. A Reuters report also suggests that Apple can make the process simple for people willing to buy digital currencies such as Bitcoin, Etherium, or even the new DogeCoin.

Could Attract Huge Userbase

Since Apple already has its Wallet service on iPhones and iPads, the integration of the new service would become hassle-free. This would also put the United States at the forefront of the cryptocurrency business, trimming down the possibility of bans on cryptocurrencies by other governments.

According to RBC analyst Mitch Stevens, Jack Dorsey (Twitter, CEO) founded a payments company called Square, made $1.6 billion per quarter in revenue just from Bitcoin. And, the company only had around 30 million users. This means if Apple forays into this business, it has a higher chance of making even greater profits. Apple has an install base of 1.5 billion, and if even 200 million users use the service, it would be more than six times than Square.

Owning Digital Currency Could Be Easy

The report also explains how Apple could take over the regulatory and informational challenges of cryptocurrencies by developing a closed system where it can transfer ownership of the digital currencies.

That said, all these possibilities still require Apple to make a move towards the cryptocurrency business. As of now, the company doesn't allow crypto mining on its devices, nor does it let users purchase these digital currencies through the Apple Card. However, there are cryptocurrency wallets that can be downloaded via the App Store.

Cryptocurrencies have witnessed immense popularity in recent times; Bitcoin even became the world's ninth most valuable asset, beating Facebook and Tesla in the process.

Is India Ready For Cryptocurrency?

Previously, the Indian Government passed a bill in the Lok Sabha asking for a ban on all cryptocurrencies in the country. But, a new bill on private cryptocurrencies is said to be in the works and will soon be sent to the Cabinet for approval.

Besides, Tesla has announced its arrival into the Indian market, with its first plant planned for Bangalore. And since Tesla has confirmed that it will accept payments in the form of Bitcoins, it could boost the cryptocurrency segment in India as well.