Tim Cook Reveals his Ownership of Cryptos
Nicholas Otieno Nov 10, 2021 09:30
Tim Cook, the CEO of Apple Inc, has disclosed that he keeps part of his wealth in crypto assets.
Apple CEO Tim Cook has revealed that he personally owns cryptocurrency. Such comments came after the Apple boss was asked if he owns Bitcoin or Ethereum at the New York Times DealBook conference on Tuesday, November 9 in a recorded interview with Andrew Ross Sorkin.
Cook told Andrew Ross Sorkin that: “I do. I think it’s reasonable to own it as part of a diversified portfolio and I’m not giving anybody investment advice by the way. I’ve been interested in it for a while and I’ve been researching it and so forth and so I think it's interesting."
However, Cook stated that his interest came from a “personal point of view” and dismissed suggestions that Apple might take cryptocurrencies in exchange for products as tender.
"I would sort of characterize it as there’s things that I wouldn’t do, like our cash balance. I wouldn’t go invest that in crypto (for Apple), 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."
Cook admitted that while Apple is looking into cryptocurrencies, there are no immediate plans to adopt it as a form of payment on Apple pay for the company’s products. However, He rejects the possibility of Apple purchasing cryptocurrency with corporate funds as an investment, saying that "if they (investors) want to do that they can invest directly in crypto through other means," he highlighted.
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