Amid the growing importance of cryptocurrency across the globe, Apple CEO Tim Cook has said that personally he has invested in cryptocurrency and he thinks it is reasonable to own it as part of a diversified portfolio.
“I do. I think it is reasonable to own it as part of a diversified portfolio and I’ m not giving anybody investment advice, by the way,” Apple CEO Tim Cook said at an event. He said that he has been interested in it and was researching about crypto for a while.
Tim Cook decision comes at a time when various business verticals are using blockchain technology related payment methodology. These companies are are configuring various tokens which will work within their company ecosystem and some of them are open ended tokens.
According to Arvian Research, Tim Cook decision comes on the heels of Apple’s inability to widen its payment instruments backed by Apple Pay, a mobile payment and digital wallet service by Apple Inc.
“It is interesting to note that companies like Square Inc., PayPal Inc. and Venmo have already come up with proactive support for cryptocurrency and its features are included in their platform. While Amazon.com Inc. and EBay Inc. have both shown a willingness to accept the currency, Tesla Inc. has already begun accepting crypto as a payment method for its cars. So the pressure is mounting on Apple to get into the same space and get early bird advantage,” said Arvian Research.
Apple CEO, however, didn’t tell which currency he has invested in. He also discussed NFTs (non-fungible tokens) and said that he finds those interesting. The Apple boss also underscored that “it will take a while to play out in a way that is for the mainstream person.”
He further talked about Apple’s plans to accept crypto as a mode of payment, adding these services may not be launched immediately. He also revealed the areas of Apple business where he won’t like to consider crypto payments.
“I would sort of characterise it as there are things I wouldn’t do – like our cash balance. I wouldn’t go invest that 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. And so, if they want to do that, they can invest directly in crypto through other means,” said Apple CEO Tim Cook.
Besides his interest in crypto, Cook also commented on installing apps using sideloading. “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 would buy an Android phone. It’s just too risky to do that. It wouldn’t be an iPhone if it didn’t maximise security and privacy,” he noted.