Apple CEO Tim Cook owns cryptocurrency, but Apple has no plans investing in it

Apple CEO Tim Cook says he has invested in cryptocurrency as a part of the diversified portfolio but hasn't specifically mentioned which crypto he's holding.

Highlights
  • Apple CEO Tim Cook has invested in cryptocurrency.
  • The top executive hasn’t mentioned which cryptocurrencies he has invested in.
  • Tim Cook ruled out investing Apple’s cash balance in cryptocurrency and said the company has no plans to allow people to use cryptocurrency to buy its products.

Cryptocurrency investments have been controversial for various reasons but there’s a section of people that actively invest in them in order to gain massive returns. It appears that Apple’s CEO Tim Cook is also interested in cryptocurrency after all. During a discussion with the New York Times’ Dealbook conference, the top Apple executive has said that it’s reasonable to own it as part of a diversified portfolio. “I’ve been interested in it for a while. I’ve been researching it and so forth. I think it’s interesting,” noted Cook. However, he quickly followed up by saying, “I’m not giving anyone investment advice, by the way.”

Although Cook confirmed he is investing his personal money in cryptocurrency, he hasn’t mentioned which specific cryptocurrencies he has invested in. However, it appears the CEO has two sides when it comes to Apple and Cryptocurrency. He ruled out investing Apple’s cash balance in cryptocurrency and said the Cupertino giant has no plans to allow people to use cryptocurrency to buy its products “in the immediate future.” But said that there are other things that we’re definitely looking at when it comes to cryptocurrency, but hasn’t mentioned any specific plans. When asked about NFTs, Tim Cook said he finds them interesting but those will take time to turn in a way they’re useful for a mainstream person.

The conversation went beyond crypto, when asked about whether users should be given the choice to install apps from sources outside of Apple’s App Store by sideloading, the CEO reiterated that the current approach is best for security. “If you want to sideload, you can buy an Android phone. That choice exists when you go into the carrier shop. If that’s important to you, then you should buy an Android phone,” noted Cook. He compared sideloading apps on iPhone to an automaker selling cars without airbags or seat belts. “It’s just too risky to do that. It wouldn’t be an iPhone if it didn’t maximize security and privacy.”

While it’s firmly against the idea of sideloading apps on its iPhones/iPads, the same doesn’t hold true for Apple Mac computers. Here, users have the flexibility to install the software of their choice. There are arguments that Apple should adopt a similar approach for the iPhone and implement a system like a Gatekeeper to check an app for malware or whether a developer’s singing certificate is revoked. However, Apple argues that this approach will not be appropriate since iPhones are used to store more personal information and this approach has led to an unacceptable level of malware on the Mac.

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