Tesla has boldly gone where few other companies have gone before but now commentators are wondering how long before Apple becomes the next tech giant to endorse the cryptocurrency Warren Buffet dubbed a sham.
On Monday, it emerged that Tesla Motors had confirmed it will become a major proponent of Bitcoin, investing $1.5bn to buy liquidity and vowing to make its cars purchasable via BTC.
While concerns continue to plague the mainstream, reports such as the one submitted by Paul Steves from the Royal Bank of Canada Dominion Securities suggest that adoption by big tech giants could lead to more than $40bn in annual revenue.
Any sham may be worth investing in if it pays back that much money. Yet, Steves' prediction is speculative and it's based on the $1.6bn in revenue achieved in Q3 2020.
Seeing Apple adopt the currency though could have tremendous effects on liquidity, stability and price, with Apple now having 1.6 billion devices worldwide.
“If Apple decides to enter into the crypto exchange business, we think the firm could immediately gain market share and disrupt the industry”, said Steves, pinning high hopes on the Tim Cook-led company.