Apple CEO Tim Cook admits to owning crypto
Apple’s chief executive Tim Cook has admitted to owning crypto and said he has been interested in digital assets for a while.
While speaking at a financial conference in New York Cook was asked whether he owns Bitcoin or Ethereum. He replied “I do. 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 added, as he revealed he has been interested in cryptocurrency “for a while” as well as researching the topic.
Mr Cook’s comments come two years after Apple Pay vice president Jennifer Bailey said there was “interesting long-term potential” in cryptocurrencies sparking speculation that the tech giant could be mulling a move into the crypto space.
Whilst Apple does not currently have any crypto products or services it allows crypto wallet apps on its iPhone App Store. It has already developed sophisticated payment infrastructure through its Apple Pay service.
However, Cook rejected the possibility of Apple buying cryptocurrency with corporate funds as Tesla has done. “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,” he said.
Apple shares are up 16.54 per cent this year to date and yesterday closed at $150.81.