Apple CEO Tim Cook spoke at The New York Times Dealbook summit and he answered questions about whether the Cupertino-based tech giant had plans to introduce cryptocurrencies as a mode of payment.
Cook admitted that he is a crypto investor, but declined to reveal which digiital assets he's betting on. However, he announced that Apple has no immediate plans to add cryptos like Bitcoin and Dogecoin as a payment method within the Apple ecosystem. Still, that doesn't mean Apple is ruling out crypto for other future projects.
Apple may introduce digital assets via other avenues
“I don’t think people buy Apple stock to get exposure to crypto,” Cook said. As such, Apple has no immediate plans to buy Bitcoin nor add it as a payment method.
Cook was likely asked about Apple's stance on cryptocurrency due to tech companies of its ilk jumping on the crypto bandwagon. For example, Tesla accepted Bitcoin as payment in February. The electric vehicle manufacturer also purchased $1.5 billion worth of Bitcoin for its corporate treasury.
Although Apple is turning its nose up at crypto payments, Cook added a cryptic statement insinuating that the Cupertino-based tech giant may be introducing cryptocurrencies via other avenues. "There are other things that we are definitely looking at [with crypto]," Cook said, but didn't divulge further.
Cook seemed more gung-ho about cryptocurrency as a personal financial investment. "I think it’s reasonable to own it as part of a diversified portfolio,” Cook told New York Times, quickly adding that he is not offering financial advice.
Although cryptocurrency isn't on Apple's radar, other tech companies have incorporated digital assets into their business, including Twitter and Facebook. Twitter recently added a feature that lets users tip their favorite content creators with Bitcoin and Facebook is working on releasing a new crypto wallet called Novi that's designed to trade a stablecoin called Diem.
Apple's hesistance to get involved with crypto is understandable. After all, cryptocurrency's volatile nature is offputting , but the Cupertino-based tech giant better watch out. There's a chance it may get lost in obsolescence while other tech companies leave it in the dust.
Stay in the know with Laptop Mag
Get our in-depth reviews, helpful tips, great deals, and the biggest news stories delivered to your inbox.
Kimberly Gedeon, holding a Master's degree in International Journalism, launched her career as a journalist for MadameNoire's business beat in 2013. She loved translating stuffy stories about the economy, personal finance and investing into digestible, easy-to-understand, entertaining stories for young women of color. During her time on the business beat, she discovered her passion for tech as she dove into articles about tech entrepreneurship, the Consumer Electronics Show (CES) and the latest tablets. After eight years of freelancing, dabbling in a myriad of beats, she's finally found a home at Laptop Mag that accepts her as the crypto-addicted, virtual reality-loving, investing-focused, tech-fascinated nerd she is. Woot!