Apple CEO Tim Cook has confirmed that he is a cryptocurrency owner, though he did not specify which coins he owns, nor did he mention how much his stash is worth. Even more important is that the tech mogul hinted his company is potentially looking into crypto offerings.
Tim Cook on Crypto
In a recent interview, Cook was approached directly by a reporter and asked if Apple would, at some point, delve further into the cryptocurrency space. The answer Cook gave was somewhat vague and did not supply any specific information to listeners or would-be fans, though the words give some people a sense of hope that perhaps crypto and Apple will one day form an elite partnership.
Cook simply commented that crypto was something the company was “looking at.” What that means nobody really knows at this time, though perhaps something viable will emerge later. When discussing cryptocurrency, Cook also went on to say:
I would sort of characterize it as there are things I wouldn’t do, like our cash balance. I wouldn’t go invest that in crypto. Not because I wouldn’t invest my own money in crypto, but because I don’t think people buy Apple stock to get exposure to crypto, and so, if they want to do that, they can invest directly in crypto through other means.
What he did make clear is that Apple has no plans of accepting crypto as a method of payment at any time in the immediate future, which is a bit of a bummer for most traders, but crypto-related products could eventually come about.
Cook made it clear during his conversation that while he thinks cryptocurrency can be a valuable addition to one’s portfolio, he doesn’t think anyone should spend their life savings on it. He joked:
I think it’s reasonable to own it as part of a diversified portfolio. I’m not giving anybody investment advice, by the way.
That said, he did confirm that he owns digital currency and that he’s been interested in the space for some time. He also claimed that while he found non-fungible tokens (NFTs) interesting, he believes it will take a while for the NFT arena to cement itself as a mainstream line of trading.
Defending Apple’s Stance in the Market
The discussion also took something of a negative turn, as Cook – presently facing opposition and criticism for doing so right now – defended Apple’s stance of working with the Chinese market. He said:
I think that we have a responsibility as a business to do business in as many places as we can, because I think business is this huge catalyst. I think we should be about not pulling up the drawbridge. We should be about building the bridges, and I think that’s key for business.