Tim Cook Admits Owning Cryptocurrency: What About Apple?

Apple CEO, Tim Cook has admitted owning cryptocurrency and this raises questions if Apple will introduce cryptocurrency products and services.

He gave the announcement on Tuesday while responding to a question at The New York Times DealBook conference.

Although he said his opinion is not an investment advice, to him however, owning cryptocurrency as an asset is reasonable.

“I do. I think it’s reasonable to own it as part of a diversified portfolio.”

“I’m not giving anyone investment advice by the way.”

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The Apple CEO revealed that he had been interested in cryptocurrency “for a while.”

He added that he had been also researching the topic for some time now.

Will Apple Buy Cryptocurrency as investment?

Also, will Apple introduce cryptocurrency products and services?

There are speculations that Apple, with a market cap of $2.475 trillion, may soon invest heavily in cryptocurrency.

Other speculations have also held that the iPhone company may soon allow people to buy its products using cryptocurrency.

Also, rumours are making the rounds that Apple may introduce cryptocurrency products and services.

But Apple doesn’t currently have any cryptocurrency products or services.

Although Apple prohibits mining apps on its app store, it however allows crypto wallet apps on its iPhone App Store.

Also, Cook has dismissed the rumours that Apple may soon buy cryptocurrencies as investments.

He said, “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.”

However, he added that the company is looking at the blockchain technology closely.

Cook said Tuesday that while Apple was looking at cryptocurrency technology, it’s “not something we have immediate plans to do.”

Also, an Apple Pay executive had said in 2019 that Apple saw “long-term potential” in cryptocurrency.

Companies like Tesla, Microstrategy and Square are among those that own bitcoin.

Meanwhile, according to a Forbes estimate, Cook’s net worth as of Tuesday was $1.4 billion.

Implications

If Apple does introduce cryptocurrency products or services, they are many years away.

However,  Apple  shareholders are not yet interested in the company investing in cryptocurrency.

Meanwhile Bitcoin touched a new all-time high of over $68,500 late Monday and is up nearly 350% from a year ago.