Tim Cook bought cryptocurrencies but Apple will not invest in them
Tim Cook, the Chief Executive Officer of Apple, has revealed that he has bought cryptocurrencies – but does not want Apple to invest in them at the moment. Cook said that he owns a cryptocurrency as “part of a diverse portfolio,” but that Apple will not follow Tesla’s example and invest in Bitcoin or other cryptocurrencies as part of the company’s own portfolio.
Tim Cook added that he would not spend a penny of Apple’s roughly $200 billion in cash to buy cryptocurrency assets while speaking at the New York Times’ DealBook online summit on Tuesday. He also said he would not accept any cryptocurrency as a form of payment for Apple products “in the near future.” – there is, perhaps, a small chance that at some point in the future we will see Apple joining the other companies that have started to accept cryptocurrency payments, but we can only hope so.
Cook said that Apple does not have any immediate intention of doing that.
“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,”
Tim Cook opinion on cryptocurrencies
When asked about whether he has invested in Bitcoin or Ethereum, Apple’s CEO, who has a fortune of more than $1 billion, said that he owns cryptocurrencies and has been interested in the markets for a long time, adding that he had been researching the topic for a while now.
However, he also denied the possibility of Apple purchasing cryptos through corporate funds as an investment, saying –
“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,”.
Many in the crypto community may be surprised by Cook’s statement, given that the CEO has largely avoided taking a public stand on digital currencies up until now, despite running one of the world’s largest corporations. Apple is currently the second most valuable firm behind Microsoft, according to AssetDash, with a market valuation of over $2.4 trillion. Until now, many reporters have tried asking him what his opinion on cryptocurrencies is, but he avoided giving a response.
Mass adoption of cryptocurrencies
Some big technology executives, such as Tesla’s Elon Musk, have been open about their views on cryptocurrencies. Musk’s statements on social media and Tesla’s business actions have more than likely led to the volatility of the Bitcoin price, and as well as of the Dogecoin cryptocurrency meme. The CEO of Tesla and SpaceX recently posted a tweet with a poll, asking his followers whether he should be selling 10% of his Tesla shares, citing the recent news in regard to the billionaire’s alleged “tax avoidance” – and the response he received was “Yes”. More than 3.5 million people have participated in taking this poll – you can check it out below.
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