Apple CEO Cook holds cryptocurrency How far is Apple from entering the crypto field?

In an interview at the New York Times DealBook Online Summit yesterday, Apple CEO Tim Cook revealed that he personally owns some cryptocurrencies, and it is “reasonable” to hold some cryptocurrencies for diversification purposes.

Apple is currently the world’s second-largest listed company. Together with Amazon, Google, Microsoft and Facebook, it is considered one of the five major technology companies, collectively known as MAMAA. Its businesses include design, development, mobile communications, electronic consumer products, computer software, online services, and personal computers.

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When asked whether he holds Bitcoin and Ethereum or whether he will “play” in the crypto space, Cook said: “ I am willing. Yes, I think that cryptocurrencies will be held as part of a diversified investment portfolio. It’s reasonable. By the way, I won’t give anyone any investment advice .”

Cook went on to say that he was personally interested in encryption technology for “a period of time” and “thought it was interesting.” Cook clarified that he was talking about his own personal investment, not Apple.

When asked whether the tech giant might also allocate company funds to cryptocurrency investments, Cook ruled out this possibility.

” This is not what we plan to do now. Not because I won’t invest my own money, but because I don’t think people will be exposed to cryptocurrency by buying Apple stock. “

Obviously, Apple will not take the path of ” Bitcoin investment” by MicroStrategy , Tesla and Square in the short term . As far as MicroStrategy is concerned, it started buying bitcoins in August last year. The current Microstrategy bitcoin reserves are 114,042 bitcoins. The total purchase price is 3.16 billion U.S. dollars. The average price of each bitcoin is 27,713 U.S. dollars. This price already includes all relevant Fees and expenses. If you look at the price of $66,500 at the time of writing, the company’s bitcoin reserve assets have completed an increase of 139%. It is worth noting that the current stock price of Microstrategy is 855 US dollars, while the stock price of the same period last year was 150 US dollars, an increase of nearly 470%.

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Despite his interest in cryptocurrency, Cook is very opposed to launching Apple’s cryptocurrency. As early as 2019, when Facebook announced the launch of Libra and established the Libra Association with various U.S. technology giants to manage the project , Cook said that Apple would not follow the practice of launching cryptocurrencies: “No. I am. I really think that a currency should stay in the hands of the state. I am not satisfied with the idea of ​​private groups to establish a competitive currency. A private company should not seek to gain power in this way.”

In the same year, when South Korea’s Samsung had integrated a blockchain wallet into its flagship model Galaxy S10, many people expected that Apple might follow suit during the annual iPhone event, but this did not happen.

Nevertheless, Cook said in an interview: ” There are other things in the encryption field that we are definitely paying attention to. What this might bring remains to be seen. “

In fact, Apple has been focusing on cryptocurrency as an alternative payment solution since 2019. Jennifer Bailey, vice president of Apple Pay, said in a private meeting that Apple is focusing on cryptocurrency: “We think it has interesting long-term potential, but we are now focusing on products that users can use every day.”

Baily also discussed the potential of QR codes and cryptocurrencies as alternatives to the current credit card system. He said: “If you look at QR code payment solutions, if you look at the long-term potential of cryptocurrencies, I think you will continue to look at To change over time.”

According to the recruitment information released by Apple in May this year, Apple is currently looking for a person with more than 5 years of work experience in alternative payment fields (such as digital wallets and cryptocurrencies) to become the leader of the company’s alternative payment partnership business Development manager. In addition to having experience in the crypto industry, candidates must have more than ten years of professional experience and six years of business development experience in order to work in Apple’s wallet, payment, and business teams.

The post explained: “We are looking for professionals who have proven themselves in global alternative and emerging payment solutions. We need your help to form a partnership framework and business model, define implementation examples, identify key players and manage and Strategic alternative to payment partner relationships. This position will be responsible for end-to-end business development, including selecting partners, negotiating and reaching commercial agreements, and launching new projects.”

In February of this year, Tesla made headlines after it announced plans to accept Bitcoin as a payment method for its electric cars. But in May, Tesla CEO Musk announced that the company stopped accepting Bitcoin payments due to concerns about the energy consumption of Bitcoin mining. But according to Tesla’s third-quarter financial report, it is likely to start accepting Bitcoin payments again:

“In the nine months ending September 30, 2021, we purchased a total of 1.5 billion U.S. dollars in Bitcoin. In addition, in the three months ending March 31, 2021, we accepted Bitcoin in accordance with applicable laws As a payment method for selling some of our products in certain regions, this practice was suspended in May 2021. We may restart digital asset transactions for our products and services in the future.”

This year, payment giants Visa and MasterCard have entered the encryption field and launched their own encrypted bank cards. Users can get cash back when paying with supported cryptocurrencies.

Perhaps, in the near future, we can also see Apple join the ranks, but Apple and Cook did not disclose more information.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/apple-ceo-cook-holds-cryptocurrency-how-far-is-apple-from-entering-the-crypto-field/
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