Apple CEO, Tim Cook admitted to owning cryptocurrency today after he was asked at the New York Times” Deal-Book conference if he owns bitcoin or ethereum.
Cook told Andrew Ross Sorkin in the interview that he believes that owning cryptocurrencies is needed to have a more diversified portfolio.
Cook also said that he finds them NFTs interesting, but that it will take a while to play out in a way that is for the mainstream person.
What Cook is saying about cryptocurrency
Cook explained that he had been interested in cryptocurrency “for a while” and that he had been researching the topic. However, he confirmed that his interest in cryptocurrencies was from a “personal point of view” and dismissed suggestions that Apple might take cryptocurrency in exchange for products as tender.
Cook also rejected the possibility of Apple buying cryptocurrency with corporate funds as an investment. He stated, “I wouldn’t go invest in crypto, not because I wouldn’t invest my own money, but because I don’t think people buy Apple stock to get exposure to crypto.”
What you should know
In August, Cook received 5 million Apple stock shares worth $750 million at the time. He will also get additional grants of Apple stock through to 2026, of which the number of shares depends on Apple stock performance. He has stated in the past that he plans to donate his entire fortune to charity.
Although Apple doesn’t currently have any cryptocurrency products or services, it does, however, allow crypto wallet apps on its iPhone App Store, but it also prohibits mining apps.
Apple has released financial services through its Wallet App, which includes contactless Apple Pay, peer-to-peer payments, and the Apple Card credit card.
If Apple does introduce cryptocurrency products or services, they are many years away. An Apple Pay executive said in 2019 said that the company saw “long-term potential” in cryptocurrency.
Cook stated today that while Apple was looking at cryptocurrency technology, it’s “not something we have immediate plans to do.”
Cook also joins the list of billionaires who have admitted to owning cryptocurrency. Other billionaires on this list include Elon Musk, Michael Saylor, Mark Cuban, Paul Tudor Jones and Jack Dorsey.