A few weeks ago, Apple CEO Tim Cook made headlines when he said he personally owns cryptocurrency while mentioning that Apple is looking at it from a technology perspective, but not from a treasury decision. What will Apple do with Bitcoin and cryptocurrency?
It’s something we are looking at, it’s not something we have immediate plans to do. I would characterize it as there are things that I would not do like our cash balance. I would not go and invest that in crypto not because I would not invest my own money in crypto, but because I don’t think people buy Apple stock to get exposure to crypto. So if they want to do that, they can, you know, invest directly in crypto through other means. And so I would not do that. I’m not planning to in the immediate future to take crypto for our products. As a mane of tender, but there are other things that we are definitely looking at.
During the interview, Cook revealed that he owns cryptocurrency, saying “it’s reasonable to own it as a part of a diversified portfolio,” while also noting that he’s “not giving anybody investment advice.” However, Cook didn’t mention if he owns Bitcoin or another particular type of cryptocurrency.
What will Apple do with cryptocurrency?
Apple has plans for its retail financial arm. Its Apple Pay service allows people to send money in particular jurisdictions over iMessage. It also has its Apple Wallet app and associated Apple Pay services for mobile payments. Apple wants to grow its services business, and siphoning off banking services is an ideal way to do it. What does this have to do with cryptocurrency?
I believe that Apple will build a Bitcoin wallet directly into Apple Wallet shortly while also allowing for a low-cost way to purchase Bitcoin on iPhone.
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