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Why Apple CEO Tim Cook Endorses Cryptocurrency

Timothy Donald Cook, the CEO of Apple Inc. since 2011, recently revealed that he had made a c cryptocurrency investment. The remarks were made during a recorded interview with Andrew Ross Sorkin at the New York Times DealBook Conference.


Cook revealed that he owns cryptocurrency, but his investment is purely personal. However, he did say that the company is toying with the idea of cryptocurrency but has no plans to launch any crypto-related offerings in the near future.


Which Cryptocurrency Does Tim Cook Own?


When asked if he owns Bitcoin or Ethereum, Cook also revealed that he has invested in cryptocurrency. "I think it's reasonable to own it as part of a diversified portfolio. By the way, I'm not giving anyone investment advice." Cook stated that cryptocurrency coins have piqued his interest "for a while." After researching the topic, he said he invested from a "personal point of view."


Cook received 5 million shares of Apple stock in August, valued at $750 million at the time. By 2026, he will receive additional grants of Apple stock, the worth of which will be determined by the stock's performance. He has stated that he intends to donate his entire fortune to charity.


Is Apple Investing In Crypto Too?


Cook also rejected the possibility of Apple investing in cryptocurrency with corporate funds saying, "I wouldn't invest in cryptocurrency. Not because I wouldn't invest my own money, but because I don't believe people buy Apple stock to get exposure to cryptocurrency."


Cook's Take On NFTs


Cook also mentioned NFTs, stating that he finds them intriguing. However, he did say that "it will take a while to play out in a way that is understandable to the average person."


He was also asked about installing apps via side loading during the conference. To which he replied, "you can buy an Android phone if you want to sideload. When you enter the carrier shop, you have that option.


If that's important to you, an Android phone is the way to go. It's simply too dangerous to do so but, It wouldn't be an iPhone if security and privacy weren't prioritized." Cook said.


Is Apple Soon To Accept Crypto As Payment?


In an interview with Andrew Ross Sorkin, Cook stated that the company may consider accepting cryptocurrency as payment but that the services will not be available right away. He also said that there are some aspects of Apple's business where he does not want to accept cryptocurrency payments.


"I guess I'd characterize some things I wouldn't do, like dealing with our cash balance. I wouldn't put that money into crypto — not because I wouldn't put my own money into it, but because I don't believe people buy Apple stock to gain crypto exposure. As a result, if they want to, they can invest directly in cryptocurrency through other means," Cook explained.

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