Today was one of the craziest days in the recent history of Bitcoin, as the world’s biggest cryptocurrency, in terms of market cap, just reached a new all-time high, following Tesla’s announcement of a $1.5 billion investment. As expected, this triggered a ridiculous bull run, which helped the token skyrocket in a few minutes. But also raised a lot of question marks!
Tesla Motors confirmed that it’s planning to introduce crypto payments in the future and this immediately led to speculations about the next company that’s going to follow their example.
Apple, next in line?
Royal Bank of Canada Dominion Securities analyst Paul Steves declared that if the Cupertino-based manufacturer will indeed introduce cryptocurrency, this could lead to more than $40 billion in annual revenue.
This prediction is based on the history of BTC revenue in payments company Square’s case, which, with around 30 million monthly users, was able to generate $1.6 billion in revenue from Bitcoin, in the third quarter of 2020. Considering that Apple has a significantly larger user base – 1.65 billion devices, according to CEO Tim Cook – it’s not that difficult to imagine Bitcoin’s impact on Apple.
“If Apple decides to enter into the crypto exchange business, we think the firm could immediately gain market share and disrupt the industry,” Steves said. “The firm could unlock a multi-billion dollar opportunity with a few clicks,” he added.
Tesla’s announcement could be just the beginning
Following the introduction of such a high-profile player from the tech industry, it’s believed that many companies will consider making the same move, thus triggering a new bull-run, able to take Bitcoin to new milestones.
However, Apple, otherwise the world’s most valuable company, with a market cap of more than $2.2 trillion, could be the brand that seriously paves the road to Bitcoin mass adoption. But only time can tell if this will indeed happen.