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The cryptocurrency industry has had a decent bull rally over the past week, with the market’s valuation hitting $3 trillion as Bitcoin and many other coins touch record highs. With the recent rally, the crypto economy surpassed the value of Apple with about $500 billion.
That said, Apple CEO Tim Cook recently revealed that he holds cryptocurrency, adding that he believes it is “reasonable” to add crypto to a portfolio. The CEO of the multi-trillion dollar tech company made the revelation during the DealBook conference yesterday. When asked if he owned crypto, Cook noted that: “I do. I think it’s reasonable to own it as part of a diversified portfolio.”
The interviewer also asked the CEO what he thought about “potentially accepting [crypto] through Apple Pay or otherwise,” to which he replied that:
“Um, it’s something that we’re looking at. It’s not something we have immediate plans to do. I would, sort of, characterize it as there are things that 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 Apple stock to get exposure to crypto.”
Cryptocurrency Community in Excited Frenzy Following Tim Cook’s Comments
Commenting on the development, MicroStrategy CEO Michael Saylor noted that: "Se Apple aghjustà u supportu per Bitcoin à l'iPhone è cunvertisce u so tesoru in un Standard Bitcoin, valerebbe almenu un trilione di dollari à i so azionisti".
Several other crypto proponents expressed their pleasure in hearing about Tim Cook’s crypto revelation.
Further elaborating on his comments about the reasonableness of holding crypto, the Billionaire CEO noted that: “I’m not giving anybody investment advice, by the way.” The Apple CEO asserted that he had carried out personal research on cryptocurrency for a while now, noting that: “I’ve been interested in it for a while and I’ve, you know, been researching it and so forth. And so I think it’s interesting.”
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