Apple’s CEO Confirms Owning Crypto: No Plans for Crypto in AppStore

  • November 11, 2021
  • 25 Views

In an online interview hosted by New York Times, Apple’s CEO Tim Cook stated that he already possesses some cryptocurrencies. Tim Cook’s interest in cryptocurrency has been developing for a long period and owning digital assets seems obvious.

In this conversation, a lot of people were surprised when the CEO of Apple admitted to being a crypto investor for the first time.

In response to the host’s questions about whether Tim Cook owns Bitcoin or Ethereum, the CEO didn’t reveal the specific currencies that he owns. He said he has been interested in the space for a while and also has done research into cryptocurrencies.

Tim Cook On Crypto

While acknowledging himself as a cryptocurrency investor, Tim Cook remains cautious, saying it is a personal decision. The CEO of Apple highlighted that the company has no plans to invest in the cryptocurrency market.

Tim Cook denied that Apple is planning to allow users to use cryptocurrency to purchase company products in the near future. The Apple CEO implicitly hinted that Apple is definitely considering some other plan when it comes to cryptocurrencies. Even so, he did not share any specific plans.

Speaking on a point that has swept the market over the past few months – Non-fungible tokens, Tim Cook said he feels NFT is a very interesting product. But it will take some time for the NFT to develop in a way that mainstream users could find beneficial.

At the moment, Apple has no crypto-based products or services.

The fact that Apple allows crypto wallets to run on the App Store doesn’t show any sign that the company would soon release its own products related to the digital asset. Additionally, the App Store also rules out crypto mining applications.

People are predicting that it will take many more years for Apple to introduce a product or service related to digital currency. Even so, a senior Apple Pay executive said the group saw long-term potential in the cryptocurrency market.

At the DealBook event, Tim Cook also shared the same message. He said that while Apple is working on cryptocurrency technology, the company has no immediate plans to directly engage in the sector.

The CEO’s interest in crypto came from a personal perspective, breaking the rumors that Apple accepted digital coins as means of payment or invested company funds in buying cryptocurrencies.

Widespread Adoption

By the time Tim Cook delivered his speech, Bitcoin, the world’s most popular cryptocurrency, had surpassed its peak and reached an all-time high. Bitcoin’s all-time high (ATH) was $68,500, more than double what it was at the start of 2021.

Over the last few years, the world’s reaction to and perspective of Bitcoin and other cryptocurrencies has shifted dramatically.

Apart from crypto supporters or members, Bitcoin, Ethereum, and altcoins have piqued the interest of high-profile investors such as politicians, billionaires, financial investment funds, and even banks.

El Salvador recently became the world’s first country to accept Bitcoin. Following El-Salvador, many Latin American countries, including Paraguay, Venezuela, Argentina, and even Mexico in North America, are considering legalizing this digital asset.

In the early days of cryptocurrencies, Bitcoin, Ethereum was seen as a toy for geeks. Everyone considered cryptocurrencies to be useless and worthless.

Things changed, people changed. Bitcoin becomes the most valuable digital currency in the cryptocurrency market while Ethereum is taking the second-largest position. The game becomes more exciting than ever when many big technology companies jump in.

Tesla, Amazon, Microsoft, Google, Square, and Facebook (now Meta), are reputable companies with innovative products that leave an impact on our daily lives.

More and more giants will enter the crypto market, with strategic plans to bring more crypto-related innovations to the world. It would not be surprising if Apple introduced a new integration or crypto-focused application in the future.

The post Apple’s CEO Confirms Owning Crypto: No Plans for Crypto in AppStore appeared first on Blockonomi.

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