Tim Cook, the CEO of Apple said that he was interested in cryptocurrency and also did his own research. However, Cook denied Apple’s plans of joining the crypto club.
Apple will not be investing in cryptocurrency
Tim Cook admitted that he was fascinated by cryptocurrency for a while now. “I think it’s reasonable to own it as part of a diversified portfolio,” said Cook at the DealBook Online Summit, conducted by the New York Times. However, he clarified that he was not providing investment advice. He also clarified that Apple does not have plans to explore crypto coins.
“There are other things that we are definitely looking at. I don’t think people buy Apple stock to get exposure to crypto,” said Cook denying the investment plans for Apple. Cook also denied the usage of crypto in Apple Pay. He added that, unlike Tesla, the tech giant will not invest in crypto as AAPL shareholders don’t buy the stock for crypto exposure. Elon Musk, the CEO of Tesla recently admitted that they will “most likely” soon start accepting Bitcoins for payments. However, this will only resume once they do their due diligence on how much renewable energy is used for mining Bitcoins.
Tim Cook reveals his crypto-investment
Cook also revealed that he has personally invested in crypto. He also revealed that he thought NFTs were interesting. Earlier in August 2020, MicroStrategy invested a hefty sum of $425 million into Bitcoin. According to Buy Bitcoin Worldwide, it currently holds about 114,042 BTC. Additionally, several firms such as Square Inc and Tesla have declared their crypto holdings to the public. Additionally, Musk also revealed that he personally invested in Ethereum, dogecoin, and bitcoin.
The world of cryptocurrency is still soaring high. The crypto market recently touched a record high of $3 trillion on Monday. And, Bitcoin, the biggest one in the world surpassed the $66,000 peak on Monday.
