The Billionaire and CEO of Apple Incorporation - Tim Cook has revealed last week at the New York Times' DealBook online conference that he personally owns and invests in Crypto Currencies. On the contrary, he elucidated that his company won't be investing in it, at least any time soon. He further considers investment in Crypto as a lucrative adventures but disclaims that his admission is by no means a general assurance to all who invest in Crypto as the market is marked by instability with potential risks. Hence the need for caution in investments.
Speaking at the New York Times' DealBook online conference last Tuesday, Apple CEO Tim Cook has admitted he owns cryptocurrency.
Without hiding the reality, Cook responding to the question posed to him by Andrew Ross Sorkin, who was hosting the New York Times‘ two-day online summit boldly asserted that he personally owns cryptocurrency, but his company won’t be investing in it.
Speaking further, Crook dismissed the idea of accepting cryptocurrency via Apple Pay anytime soon. He explained that Apple is “looking at” crypto, but has no plans to launch such functionality in Apple Pay.
Nonetheless, with regards to Apple stocks and cryptocurrency, the Apple CEO noted that unlike Tesla, Apple does not have any plan to invest in cryptocurrency as a company. Further he explained that Apple Inc. shareholders do not buy its stock to get exposure to crypto. In his exact words:
“I dont think people buy Apple stock to get exposure to crypto. So if they want to do that, they can you know, invest directly in crypto through other means,”.
On his own part, the Apple CEO admits that it‘s reasonable to own cryptocurrency as a way of diversifying one's portfolio. However, given the risks involved in such investments, he was careful to add some disclaimers, in his words, “I’m not giving anyone investment advice by the way,” Hence, none will claim in the future that Cook has assured him of any future gains from such investments. But the fact remains that he considers it promising.
Still more, Cook also mentioned that he had been interested in cryptocurrency “for a while” and that he had been researching the topic. “It‘s something we are looking at, it’s not something we have immediate plans to do. I would characterise it as there are things that I would not do like our cash balance,” he added. When asked about non-fungible tokens (NFT), he said it is an “interesting” part of the cryptocurrency world.
We hope that other Billionaire will emulate Cook and reveal their position on Crypto currency investments especially if they own any themselves too.