Crypto ‘reasonable to own’ as ‘part of a diversified portfolio,’ but don’t expect Apple to take bitcoin payment soon, says Tim Cook

10 Nov 2021, 09:40 · Views 85

Apple CEO Tim Cook isn’t photoshopping a pair of laser eyes onto his Twitter profile image, but he was offering decidedly bullish thoughts on cryptocurrencies on Tuesday.

“‘I think it’s reasonable to own it as part of a diversified portfolio.’ ”

— Tim Cook, Apple’s CEO

That is the statement that the CEO of the iPhone and iPad maker made about digital assets at an annual online summit hosted by the New York Times’ DealBook.

Cook said that he has personally invested in crypto and cautioned that he isn’t offering anyone investment advice but noted that ownership of assets like bitcoin BTCUSD, -0.73% and Ether ETHUSD, -1.20% on the Ethereum blockchain were “reasonable” from his perspective.

Cook said that he’s “been interested in [digital assets] for a while,” but didn’t specify, and described the nascent sector kicked off in 2009 as “interesting,” in the Tuesday morning interview with DealBook.

The Apple AAPL, +0.25% CEO’s comments come as bitcoin and Ether are trading near record levels and the total market value of all digital assets has been around a historic high around $3 trillion, based on assets tracked by CoinMarketCap.com.

Crypto ‘reasonable to own’ as ‘part of a diversified portfolio,’ but don’t expect Apple to take bitcoin payment soon, says Tim Cook — CoinMarketCap.com

All that said, Cook said that bitcoin bulls shouldn’t expect Apple to start buying crypto or accepting it as a method of payment soon.

“I don’t think people buy Apple stock to get exposure to crypto,” he told the DealBook Online Summit.

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Crypto ‘reasonable to own’ as ‘part of a diversified portfolio,’ but don’t expect Apple to take bitcoin payment soon, says Tim Cook

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