Apple CEO said that he owns cryptocurrencies in response to the question about Bitcoin and Ether. However, according to CEO Tim Cook, Apple has no immediate plans for cryptos. Detail Cryptocoin. com
Good for crypto diversification
Apple CEO Tim Cook revealed at the DealBook conference earlier today that he owns some crypto when asked if he owns the two largest cryptocurrencies, Bitcoin and Ether. The head of the world’s second-largest publicly traded company says it’s “reasonable” to hold some crypto for diversification purposes: “I think it’s reasonable to have it as part of a diversified portfolio,” says Cook. The 61-year-old businessman claims to have been a crypto supporter for some time. But the billionaire CEO has rejected the idea of following examples like Tesla and MicroStrategy by investing some of Apple’s cash pile in cryptocurrencies.
Cook’s rationale is that Apple investors don’t buy shares of the company for exposure to the nascent asset class: “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,” he says. The Apple boss says the tech giant doesn’t have any “immediate” plans for crypto. Cook said that Apple has no plans to launch its own cryptocurrency in October 2019. Last month, Apple co-founder Steve Wozniak, who has been an advocate of Bitcoin for a while, stated that cryptocurrencies will be banned if they get too big. The prices of Bitcoin and Ether rose slightly after receiving the much coveted approval from Cook.