Cryptocurrency “Reasonable to Own” says Tim Cook Who Holds Bitcoin

10 Nov 2021 · 3rd Party Analysis

Cryptocurrency “Reasonable to Own” says Tim Cook Who Holds Bitcoin


In Summary:

  • Tim Cook, Apple CEO, says he owns cryptocurrency and has been researching it
  • His company is “definitely looking at” crypto right now

Apple CEO Tim Cook Says He Owns Cryptocurrency

Tim Cook, the chief executive of Apple, said yesterday he owns cryptocurrency. Not only that, but he noted Apple is “looking at” crypto after he’d been researching the topic for a while. In an interview at the New York Times DealBook conference, Tim Cook finally revealed what he thought of crypto.

For a start, the Apple CEO was asked whether he owned “any bitcoin, Ethereum, or crypto.”

“I do. I think it’s reasonable to own it as a part of a diversified portfolio,” Mr. Cook said. He added with a laugh that he wasn’t “giving anybody investment advice.” Furthermore, the chief executive continued by saying that had been researching crypto for a while and he’s interested in it.

As far as Apple is concerned, Tim Cook said there are no plans presently for the company’s involvement with cryptocurrencies. While he wouldn’t share any details, he noted Apple is “definitely looking at” the digital asset field.

Tim Cook Joins Elon Musk and Other Bitcoin Bulls

“I would sort of characterize 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,” Mr. Cook explained.

Tim Cook is the latest among tech entrepreneurs and CEOs to highlight interest in bitcoin and cryptocurrencies. Other prominent names among the billionaire executives include Elon Musk, of course, and Michael Saylor of MicroStrategy. Jack Dorsey, founder of Twitter and Square, is also a highly active bitcoin bull.

Some financiers and Wall Street professionals have also onboarded the crypto bandwagon. They include Stanley Druckenmiller, Paul Tudor Jones and Ray Dalio.

What’s Bitcoin Doing Today?

Early on Wednesday, the price of bitcoin is floating near $66,500 per coin. With this in mind, the biggest cryptocurrency in the world has eased slightly from its all-time high set a day ago. In other words, bitcoin pushed to a fresh record of $68,480 on Tuesday.

Ether, on the other hand, is gravitating toward $4,700 per token. The Ethereum token also made a new all-time high yesterday as it peaked at $4,840 apiece.

Economic News Today (EST time)

Looking ahead into the day, traders and investors in stocks and pairs will be monitoring the latest US inflation report. The consumer price data for October scheduled for 08:30 am will show if prices retreated from their extraordinarily high levels.

The news could create increased volatility in the forex and commodity markets, resulting in trading opportunities for market participants.

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