Tim Cook owns cryptocurrency; lays down Apple’s plans to accept crypto

Tim Cook owns cryptocurrency; lays down Apple’s plans to accept crypto

Apple CEO Tim Cook recently revealed he has personally invested in cryptocurrency and that he thinks it is reasonable to own it as part of a diversified portfolio.

After Elon Musk, cryptocurrency has found a new backer in the US entrepreneurial system. Apple CEO Tim Cook recently revealed he has personally invested in cryptocurrency and that he thinks it is reasonable to own it as part of a diversified portfolio.

He explained that Apple is “looking at” crypto, but has no immediate plans to launch such functionality in Apple Pay. He also said that, unlike Tesla, Apple does not plan to invest in cryptocurrency as a company because he believes AAPL shareholders do not buy AAPL stock to get exposure to crypto.

Cook also said Apple has no immediate plans to accept cryptocurrency for its products. He also called NFTs — non-fungible tokens — an “interesting” part of the cryptocurrency world.

Bitcoin

During the conference, Cook also defended Apple’s App Store commission rate, saying most developers are charged a 15% cut instead of the full 30%. He did say however that more changes to the App Store will come in the future. He also said that users who want to side-load — install apps from the web or elsewhere instead of via the App Store — can buy an Android device instead of an iPhone.

Earlier, in September 2019, Jennifer Bailey, the Vice President of Apple Pay had revealed that Apple is being attentive towards the crypto space and sees cryptocurrencies as assets with “interesting long term potential”, as per a CNN report.

Meanwhile, Bitcoin and Ether hit record peaks on Tuesday. Bitcoin rose as high as $68,564.40 and trembled down 0.1% at $67,325 while Ether, hit an all-time high $4,842.65, before trading down 0.7% at $4,774. 

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