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Apple CEO owns cryptocurrency: does the company do too?

By:
on Nov 9, 2021
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  • Apple Inc CEO Tim Cook confirms he personally owns cryptocurrency.
  • He clarifies Apple's stance on crypto at the NY Times DealBook summit.
  • Shares of the iPhone maker are not much bothered on Tuesday.

Apple Inc (NASDAQ: AAPL) CEO Tim Cook confirmed on Tuesday that he personally owns cryptocurrency but is against the idea for now that Apple should use corporate funds to invest in one.

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.

Apple has no immediate plans of penetrating the crypto market

According to CEO Cook, Apple is keeping up to date with the crypto market but has no immediate plans of investing in it.

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The iPhone maker has penetrated the fintech industry with its Apple Card and Apple Wallet, but the chief executive’s remarks at the New York Times DealBook summit solidify that it is years away from stepping into the crypto space; if it ever does in the first place.

On its App Store, Apple does allow crypto wallets but bars the mining apps. Cook also disclosed on Tuesday that the tech giant had no plans of letting users pay for products or services in crypto anytime soon.

CEO Cook thinks differently when it comes to personal investments

On a “personal level”, however, CEO Cook has a different stance on crypto assets where he sees owning them as means of diversifying the portfolio.

I do own crypto. I think it’s reasonable to own it as part of a diversified portfolio. I’m not giving anyone investment advice, by the way.

Cook agreed that he had been studying the crypto market for quite some time. Also on Tuesday, the two largest cryptocurrencies by market cap, Bitcoin and Ethereum, hit a record high.

Earlier this year, Apple was rumoured to have entered the crypto space with a massive $2.5 billion investment in Bitcoin, but today’s revelations substantiate that the market was right in taking the Twitter roar with a pinch of salt.