Apple CEO Cook says he owns cryptocurrency to diversify portfolio

• Cook said his interest was from a “personal point of view” and ruled out the probability of Apple selling products in exchange for cryptocurrency

• Bitcoin breaks past $68,000; Ether nears $5000, crypto market cap at more than $3 trillion

Apple Inc chief executive Tim Cook on Tuesday, said he owns digital currency at the New York Times’ DealBook conference, and he had been interested in cryptocurrency “for a while.”

“I do. I think it’s reasonable to own it as part of a diversified portfolio,” Cook told Andrew Ross Sorkin in a recorded interview when asked that if he owns Bitcoin or Ethereum. “I’m not giving anyone investment advice, by the way.”

Although Cook said that his interest was from a “personal point of view,” he dismissed the idea of selling Apple products in exchange for cryptocurrency “in the immediate future.”

Apple’s crypto stance

He also ruled out the possibility of the company buying any digital token with corporate funds as an investment.

“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.

Also Read: SEC Chair Gensler says crypto market won’t mature without regulatory oversight

However, the CEO said, “there are other things that we’re definitely looking at” regarding cryptocurrency without announcing any specific plans.

When asked about NFTs, he said that he finds them “interesting” but that “it will take a while to play out in a way that is for the mainstream person.”

iPhone maker doesn’t currently have any crypto products or services. The company allows crypto wallet apps on its App Store, but it also prohibits mining apps.

In 2019, Jennifer Bailey, vice president at Apple Pay, said that the company is “watching” cryptocurrencies and saw “long-term potential” in cryptocurrency. However, consumers shouldn’t expect anything soon.

Record prices

Bitcoin and Ether hit an all-time record high on Tuesday, as enthusiasm for digital currency acceptance and worry about inflation driving up momentum and flows into the asset class.

Also Read: Apple, Amazon poised for $170 billion loss of market value after disappointing earnings report

Bitcoin rose to $68,525.84 while Ether, the second-biggest cryptocurrency by market cap, earlier hit $4,839.92.

Both have more than doubled since June and jumped nearly 70% against the dollar since October.

Picture Credit: Sky