Tim Cook says Apple is 'looking at' cryptocurrency, reveals he's an investor

Tim Cook says Apple is ‘looking at’ cryptocurrency after revealing he’s an investor

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Tim Cook at Unleashed event
But don't expect investment advice.
Photo: Apple

Tim Cook revealed in an interview on Tuesday that he owns cryptocurrency and sees it as a “reasonable” way to diversify his portfolio. The Apple CEO also admitted that Cupertino is “looking at” ways cryptocurrency could one day work with Apple Pay, or be used to buy Apple products.

However, if it’s investment advice you’re after, you can look elsewhere.

Apple to accept cryptocurrency?

Some of the most successful cryptocurrencies, such as Bitcoin, can now be used to buy products and services from a whole bunch of major brands, including Microsoft, Whole Foods, and Shopify. Could Apple soon join that list?

Not likely. Unfortunately for cryptocurrency fans, it’s not a form of payment that Apple has “immediate” plans to adopt, and the company itself won’t be investing in it. However, Cook did admit that Apple is “looking at” the possibility of accepting cryptocurrency in future, or integrating it into Apple Pay.

“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 said during an interview at the DealBook Online Summit on Tuesday.

However, Cook did reveal that he’s a cryptocurrency investor himself, and that he’s been interested in it “for a while.” “I think it’s reasonable to own it as part of a diversified portfolio,” he said.

Want to know what Cook’s invested in? Forget about it. “I’m not giving anyone investment advice,” he added.

Apple and cryptocurrency

Apple, unlike some other companies, doesn’t offer a cryptocurrency token of its own — and it seems unlikely at the moment that it ever will. It also doesn’t allow crypto mining apps on iPhone and iPad. However, it does allow cryptocurrency wallets, and apps that allow users to invest their cash in crypto tokens.

With the mammoth rise of Bitcoin, which this week hit yet another all-time high, and the increasing success of other tokens, it seems cryptocurrencies are here to stay — and will almost certainly become even more important in the future.

Via: CNBC