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Tim Cook Says
2 min read

CEO of Apple Tim Cook Says He Owns Cryptocurrency – Is Apple The Next Tech Titan to Hold BTC?

By News Desk

Tim Cook, the CEO of Apple, revealed he owns some crypto.

When asked by Andrew Ross Sorkin of CNBC whether or not he owned any Bitcoin or Ethereum, Cook said “I do, yeah,” adding that it’s a “reasonable” addition to a diversified portfolio.

“I’ve been interested in it for a while, and I’ve been researching it and so forth and so I think it’s interesting.”

The CEO was also asked whether or not Apple was considering integrating crypto into their business model. He clarified Apple likely wouldn’t hold crypto on its cash balance or accept it as payment, but vaguely alluded to other things.

“It’s something that we’re looking at. It’s not something we have maybe plans to do… There is things that I wouldn’t do, like our cash balance. I wouldn’t go and invest it 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. So if they want to do that they can invest directly in crypto if it remains. So I wouldn’t do that, and I’m not planning to in the immediate future to take crypto for our products as a means of tender. But there are other things that we’re definitely looking at.”

Image via Shutterstock

Cook refrained from elaborating on what exactly Apple was looking at. The possibility of corporate giants such as Apple putting BTC on their balance sheets has often been named as a potential catalyst for parabolic growth in Bitcoin.

Michael Saylor, CEO of business intelligence software firm MicroStrategy, has advocated for companies to hold Bitcoin on their balance sheets and even urged Elon Musk to do so before Tesla ended up buying over 40,000 BTC.

Currently, MicroStrategy has the largest public corporate holding of Bitcoin with over 114,000 BTC valued at roughly $6.9 billion. Behind MicroStrategy is Tesla, Galaxy Digital Holdings, Voyager Digital, and payments platform Square.

Speculation on which company will be the next to put crypto on their balance sheet include Facebook, Twitter and Google, all firms whose founders or CEOs have either made pro-crypto comments or dabbled in the industry themselves.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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