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Apple CEO makes crypto announcement

·2-min read
Apple CEO Tim Cook looks to the side while speaking, apple iPhone with logo and pen on blank desk.
Apple CEO Tim Cook has shared his thoughts on cryptocurrency. (Sources: Getty)

Apple CEO Tim Cook says he’s been interested in cryptocurrency “for a while”, but there are no “immediate” plans to integrate crypto payments into its products.

Speaking on Tuesday, Cook said he personally owned cryptocurrency but wasn’t planning for Apple to invest in digital currency.

“I wouldn’t go invest in crypto, not because I wouldn’t invest my own money, but because I don’t think people buy Apple stock to get exposure to crypto,” he told The New York Times DealBook conference.

"If they want to do that, they can invest directly into crypto through other means.

While Apple has no plans to integrate cryptocurrency payments into its systems, Cook said there were “other things” in the cryptocurrency world that Apple was “definitely looking at… [but] wouldn’t have anything to announce today”.

Cook said he thought it was “reasonable” to hold cryptocurrency as part of a personal diversified portfolio, but added that he wasn’t giving investment advice.

Cryptocurrency acceptance increases

The Apple CEO’s comments come as several other major companies begin integrating cryptocurrency.

Elon Musk’s Tesla and Jack Dorsey’s payments platform, Square, have both flirted with crypto, with Square investing in cryptocurrency and Tesla briefly accepting payments in Bitcoin.

Locally, the Commonwealth Bank of Australia earlier this month announced it would make Bitcoin and other forms of digital tender available on its banking app.

"We believe we can play an important role in crypto to address what’s clearly a growing customer need and provide capability, security and confidence in a crypto trading platform," CBA boss Matt Comyn said.

The Bitcoin price broke a new record high as it passed US$68,000 ($92,000) on Tuesday.

Just five years ago, one Bitcoin was worth around US$700 ($949).

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