By
Bena Ilyas
April 25th, 2024
The interview shows no signs or gives no indication of exactly how much the tech veteran invested in digital currencies.
Tim Cook, the Chief Executive Officer (CEO) of American multinational technology company, Apple Inc (NASDAQ: AAPL), confirmed at the New York Times DealBook Conference that he owns cryptocurrencies. Fielding questions in an interview with Andrew Ross Sarkin on whether he owns Bitcoin (BTC) or Ethereum (ETH), the Apple boss confirmed in the affirmative.
“I do. I think it’s reasonable to own it as part of a diversified portfolio,” Cook said in the interview that aired Tuesday. “I’m not giving anyone investment advice by the way.”
Cook acknowledged he has been interested in digital currencies “for a while” and he has been researching the topic. However, the Apple boss noted that his interests in cryptocurrencies are on a personal level, and do not in any way reflect the position of the firm. When asked by the interviewer whether the company has plans to accept the nascent assets through its Apple Pay service in line with its competitors including Paypal’s app from PayPal Holding Inc (NASDAQ: PYPL), and Cash App from Square Inc (NYSE: SQ), Cook said broadly crypto is “something that we’re looking at.”
The CEO also noted that the company has pinpointed aspects in which it does not make sense to invest in digital currencies, however, he refused to talk deeper on the company’s future plans.
“I would sort of characterize it as there are things I wouldn’t do – like our cash balance. I wouldn’t go invest that in crypto – 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. And so, if they want to do that, they can invest directly in crypto through other means,” Cook explained.
The interview shows no signs or gives no indication of exactly how much the tech veteran invested in digital currencies.
Apple CEO Tim Cook on User’s Choice
The company has been embroiled in an antitrust lawsuit from Epic Games bordering on its broad allowance on its App Store. The issue, according to Tim Cook, is centered on user choice, adding that its customers who wish to load applications outside of the firm’s provided apps can pitch tents with its competitors by buying an android phone.
“I think people have that choice today … because if you want to sideload, you can buy an Android phone,” said Cook. “That choice exists. When you go into the carrier shop, if that’s important to you, then you should buy an Android phone.”
Apple permits crypto apps on the App Store but frowns at any mining-related applications. The company also appears unperturbed with respect to the revenue it is likely to miss out on per its lack of permission for certain apps that offer in-app payments for which it takes a cut on developer fees.
The company’s business diversification outside of the United States was also backed by the Apple CEO, noting that he speaks up when about political decisions as the need arises.
“I think that we have a responsibility as a business to do business in as many places as we can, because I think business is this huge catalyst, he said. “I think we should be about not pulling up the drawbridge. We should be about building the bridges. And I think that’s key for business. In terms of what we speak up on, we speak up on some privately, we speak up on some publicly – we do it in different ways,” he said.