Apple should jump on the cryptocurrency bandwagon, analyst report says

Analysts think Apple's success with its cashless transaction technology makes it a prime candidate for the crypto market.

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Shelby Brown (she/her/hers) is an editor for CNET's services team. She covers tips and tricks for apps, operating systems and devices, as well as mobile gaming and Apple Arcade news. Shelby also oversees Tech Tips coverage. Before joining CNET, she covered app news for Download.com and served as a freelancer for Louisville.com.
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Apple computers

Could Apple make the leap to Bitcoin?

James Martin/CNET

Apple should launch its own cryptocurrency exchange, an analyst report suggested Monday. The report by Canadian brokerage firm RBC Capital Markets, spotted earlier by Coindesk, said that since Apple Wallet is used by millions in an increasingly cashless society, Apple could easily generate over $40 billion by making the jump to cryptocurrency .

"If Apple went down this path, the USA would likely acquire the most crypto assets from a global perspective," the report said. "If the USA owns the most crypto assets (be it Bitcoin or other assets), it would not make logical sense in our view to ban it. In addition, with Apple's secure and world-class software, the USA would be able to have confidence in user information and balances if needed in the future."

CNET reached out to Apple and we'll update when we hear back. 

The chatter around Apple comes shortly after CEO Elon Musk voiced interest in cryptocurrency Dogecoin. Tesla said that it'd soon accept bitcoins as payment for its electric cars.