Tim Cook Says Cryptocurrency Is Something That Apple Is ‘Looking At,’ Reveals He Personally Owns Cryptocurrency
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During the New York Times Dealbook Conference on Tuesday, interviewer Andrew Ross Sorkin asked Cook if Apple would consider accepting cryptocurrency through Apple Pay. The Apple CEO replied that cryptocurrency “something that we’re looking at.”
“I would sort of characterize it as there are things I wouldn’t do — like our cash balance,” Cook explained. “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 an Apple stock to get exposure to crypto. And so, if they want to do that, they can invest directly in crypto through other means.”
Cook clarified Apple had no “immediate” plans to launch any crypto-related payment offerings for its products.
Apple Pay competitors such as PayPal, Venmo, and Square Inc.’s Cash app have all begun to accept cryptocurrencies.
When asked if he personally invested in cryptocurrency – such as bitcoin or ethereum – he replied, “I do.”
“I think it’s reasonable to own it as part of a diversified portfolio,” Cook continued. “I’m not giving anyone investment advice, by the way.”
“I’ve been interested in it for a while. I’ve been researching it and so forth … I think it’s interesting,” Cook said, but did not reveal how much cryptocurrency he owns and what kind of digital currency he is intrigued by.
He was asked about non-fungible tokens (NFTs), Cook said NFTs are “interesting,” adding, “It will take a while to play out in a way that is for the mainstream person.”
Tim Cook has a net worth of $1.5 billion.
The topic of doing business with China was broached, Cook defended the decisions.
“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,” Cook said. “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. In terms of what we speak up on, we speak up on some privately, we speak up on some publicly — we do it in different ways.”
Tim Cook of Apple reveals that he has personally invested in cryptocurrency. “I think it’s reasonable to own it as part of a diversified portfolio,” he said at the #DealBook Online Summit. https://t.co/xpahdlKfOe pic.twitter.com/CQpQgShu0x
— DealBook (@dealbook) November 9, 2021