Tim Cook, CEO of Apple, one of the most valuable companies in the world, and also one of the highest-paid executives, announced that he invested in crypto money individually.
Answering journalist Andrew Ross Sorkin’s questions at the New York Times’ online DealBook conference, Cook said that besides his personal initiative, Apple may also turn to crypto money after a while.
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Tim Cook enters the world of cryptocurrencies
Stating that Apple will not sell products with crypto money, Tim Cook stated that it makes sense to create a basket with various products, but does not offer investment advice.
Cook said he’s been interested in cryptocurrency “for a while” and has been investigating the issue. Cook, however, dismissed suggestions that his interest was “from a personal point of view” and that Apple could accept cryptocurrency as tender in exchange for products.
“I wouldn’t invest in crypto, not because I wouldn’t invest my own money, but because I didn’t think people were buying Apple stock to get exposure to crypto,” said Cook, who bought 5 million Apple shares worth $750 million in August. Cook also said that he plans to donate all of his wealth to charities.
Apple does not currently have any cryptocurrency products or services. The iPhone allows crypto wallet apps on the App Store, but also prohibits mining apps.
Apple does not currently have any cryptocurrency products or services. The iPhone allows crypto wallet apps on the App Store, but also prohibits mining apps. Apple has been making its financial services available for some time through its Wallet app, which includes contactless Apple Pay, peer-to-peer payments and the Apple Card credit card.
An Apple Pay executive said in 2019 that the company saw “long-term potential” in the cryptocurrency.