Apple CEO Tim Cook has confirmed that he has invested his personal money in crypto during a discussion at New York Times’ conference.
Apple CEO Tim Cook has confirmed that he has invested his personal money in cryptocurrency during a discussion today at the New York Times’ Dealbook conference. “I think it’s reasonable to own it as part of a diversified portfolio,” the CEO said during a conversation with Andrew Ross Sorkin. “I’m not giving anyone investment advice, by the way,” he quickly followed up, without specifying which specific cryptocurrencies he has invested in.
“I’ve been interested in it for a while. I’ve been researching it and so forth … I think it’s interesting,” the CEO continued.
The revelation came as Mr. Cook said that Apple itself did not intend to join a growing number of big businesses incorporating crypto in their operations. Tesla, for instance, began accepting Bitcoin as payment for its electric vehicles this year and bought $1.5 billion worth to hold in its corporate treasury.
Sorkin also asked: “What is your thought on cryptocurrency right now and potentially accepting it through Apple pay or otherwise?”
And Mr. Cook replied: “It’s something we are looking at, it’s not something we have immediate plans to do. I would characterize it as there are things that I would not do like our cash balance. I would not go and invest that in crypto not because I would not invest my own money in crypto, but because 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. And so I would not do that. I’m not planning to in the immediate future to take crypto for our products. As a mane of tender, but there are other things that we are definitely looking at.”
Apple’s cryptocurrency plans might be more timid and mysterious, but it’s not the only big tech company looking to take advantage of the rising interest. Tesla sold cars for bitcoin earlier this year. Facebook has been trying for years to have a digital coin of its own. And Facebook’s metaverse might come with some sort of crypto-related features.