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Monday, November 29, 2021

Yes, Tim Cook owns cryptocurrency, but Apple won’t be investing in it

Speaking about Apple stocks and cryptocurrency, Cook noted that unlike Tesla, Apple does not have any plan to invest in cryptocurrency as a company.

By: Tech Desk |
Updated: November 10, 2021 5:20:01 pm
Apple CEO Tim Cook on Tuesday said he owns cryptocurrency at the New York Times' DealBook online conference. (AP file photo)

Apple CEO Tim Cook on Tuesday revealed that he is a crypto investor and holds digital coins. Cook was answering Andrew Ross Sorkin, who was hosting the New York Times’ two-day online summit. The Apple CEO shared his thoughts on the hot topic of cryptocurrencies such as Bitcoin.

However, Cook dismissed the idea of accepting cryptocurrency via Apple Pay anytime soon. He explained that Apple is “looking at” crypto, but has no plans to launch such functionality in Apple Pay.

Speaking about Apple stocks and cryptocurrency, Cook noted that Apple does not have any plan to invest in cryptocurrency as a company because he believes Apple Inc shareholders do not buy its stock to get exposure to crypto.

“I don’t think people buy Apple stock to get exposure to crypto. So if they want to do that, they can you know, invest directly in crypto through other means,” he added.

But the Apple CEO believes that it’s reasonable to own cryptocurrency as part of a diversified portfolio. “I’m not giving anyone investment advice by the way,” Cook told Sorkin in a recorded interview, reported CNBC.

He also said that he had been interested in cryptocurrency “for a while” and that he had been researching the topic. “It’s something we are looking at, it’s not something we have immediate plans to do. I would characterise it as there are things that I would not do like our cash balance,” he added.  When asked about non-fungible tokens (NFT), he said it is an “interesting” part of the cryptocurrency world.

Earlier, in September 2019, Jennifer Bailey, the Vice President of Apple Pay had revealed that Apple is being attentive towards the crypto space and sees cryptocurrencies as assets with “interesting long term potential”, as per a CNN report.

Meanwhile, Bitcoin and Ether hit record peaks on Tuesday. Bitcoin rose as high as $68,564.40 and trembled down 0.1% at $67,325 while Ether, hit an all time high $4,842.65, before trading down 0.7% at $4,774.

Disclaimer: Cryptocurrency is an unregulated space and digital currencies are not backed by any sovereign authority. Investing in cryptocurrency comes with market risks. This article does not claim to provide any kind of financial advice for trading or buying cryptocurrency.

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