Apple’s CEO Tim Cook Admits To Owning Crypto

Businessman and Apple’s CEO, Tim Cook, has admitted to owning crypto today at the DealBook conference.

The CEO said, during a conversation with Andrew Ross in response to a question during an interview when he was asked if he owns cryptocurrency:

“I think it’s reasonable to own it as part of a diversified portfolio. I’m not giving anyone investment advice, by the way.” He, however, didn’t specify which cryptocurrencies he has invested in.”

Cook also added that he finds NFTs interesting, but it will take a while for it to play out in a way that is for the mainstream person. Cook joins the list of billionaires who have admitted to owning cryptocurrency. Other billionaires on this list include Elon Musk, Michael Saylor, Mark Cuban, Paul Tudor Jones and Jack Dorsey.

The CEO has been interested in the digital assets industry for a while now and he explained that he has been doing a lot of research about it. He added that his interest came purely from a personal point of view and not the company’s, dismissing any thoughts that Apple might venture into the crypto ecosystem anytime soon. 

“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.”

Cook’s statement comes as the leading crypto, Bitcoin and the second-largest digital asset, Ethereum both hit all-time highs. BTC is now valued at $68,327 and ETH has crossed $4,800 for the first time since its inception.

Three months ago, Cook received five million stock shares of Apple, which was worth $750 million and will be getting additional grants of the company’s stock until 2026, of which the number of shares will depend on the stock’s performance.

Apple itself doesn’t offer any crypto services nor does it have a crypto product available, but it does allow crypto wallet apps on its App Store. It does, however, ban mining apps. The company releases financial services through its Wallet app which includes the contactless Apple Pay, peer-to-peer payments, and Apple Card credit card. An Apple Pay executive said in 2019 said that the company is seeing long-term potential in cryptocurrency.

Cook cleared today that while Apple is indeed looking at the technology surrounding the crypto world, it is not something they have immediate plans to do.

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