Key takeaways:
- Tim Cook, the CEO of Apple revealed that he is a cryptocurrency investor and has invested personal funds in Bitcoin.
- “I’ve been interested in it for a while. I’ve been researching it and so forth … I think it’s interesting,” the CEO claimed.
At the New York Times’ DealBook online conference on Tuesday, Apple CEO Tim Cook stated that he owned cryptocurrencies. Cook responded to Andrew Ross Sorkin, organizing the New York Times’ two-day online conference, by sharing his opinions on cryptocurrencies like Bitcoin.
Cook said “I do” when asked if he owns “any crypto, Bitcoin, or Ethereum” and feels that “it’s reasonable to own it as part of a diversified portfolio.”
Cook soon clarified that his support for cryptocurrencies did not constitute “investment advice.”
Cook stated that cryptocurrencies have piqued his attention “for a while.” “as well as the fact that he had been investigating the subject.
Tim Cook was asked about other vital matters that have touched Apple in recent months, including its high-profile legal dispute with Epic Games, during the about half-hour-long meeting. When questioned if customers should install software from sources other than Apple’s App Store through techniques like sideloading, Cook reaffirmed that Apple believes their approach is the most secure.
“You can buy an Android phone if you want to sideload. When you go into the carrier shop, you have that option,” the CEO explained. “If that’s important to you, an Android phone is the way to go.” He continued to allow customers to sideload their programs on iPhone is analogous to a manufacturer selling a car without airbags or safety belts. “It’s just too risky,” he explained. It wouldn’t be an iPhone if security and privacy weren’t prioritized.
Apple is “looking at it,” he said. However, “Apple Pay does not currently support cryptocurrency and has no plans to do so in the near future. He also stated that, unlike Tesla, Apple does not intend to participate in cryptocurrencies since he believes that AAPL owners do not purchase AAPL shares to get exposure to cryptocurrency.“
Cook then disclosed that Apple had no intentions to incorporate cryptocurrency into its operations, following in the footsteps of other large internet companies such as Tesla, Facebook, and Twitter. The company had no plans to make cryptocurrencies an acceptable form of payment anytime soon.
“It’s not something we have immediate plans to do,” he commented.
Cook got 5 million shares of Apple stock in August, valued at $750 million at the time. By 2026, he will get other awards of Apple stock, the number of which will be determined by the stock’s performance. He has stated that he intends to give away his whole fortune.
Cook also stated that Apple’s projected $200 billion cash reserves will not be used to purchase Bitcoin (BTC), adding, “I don’t think people buy Apple stock to get crypto exposure.”
Cook described NFTs as “interesting” but added that “it will take a while to play out in a way that is for the mainstream person.”
