To diversify his portfolio, Tim Cook, CEO of Apple has revealed that he has invested his personal savings into crypto.
Speaking in the New York Times’ Dealbook Conference, Tim Cook announced that he has invested in cryptocurrencies to diversify his portfolio, but has not disclosed which cryptocurrencies he owns.
In the spirit of discretion and the appeal of cryptocurrencies, Cook stated that, “I think it’s reasonable to own it as part of a diversified portfolio…I’m not giving anyone investment advice, by the way…I’ve been interested in it for a while. I’ve been researching it and so forth … I think it’s interesting.”
Even though Tim Cook would gladly make bold moves and take risks on personal investments in cryptocurrencies, it is because of the extremely volatile design of cryptocurrencies that Apple has no plans in the foreseeable future to invest its capital in cryptocurrencies.
Nonetheless, involvement with digital assets for purposes other than payments or investments is not a moot point because Apple is definitely exploring alternative ways of involvement in blockchain. While Tim Cook definitely is intrigued by non-fungible tokens (NFTs), he stated that it may be long before NFTs take on such a form that accessibility and engagement of the general public may become more mainstream.
Tim Cook of Apple reveals that he has personally invested in cryptocurrency. “I think it’s reasonable to own it as part of a diversified portfolio,” he said at the #DealBook Online Summit. https://t.co/xpahdlKfOe pic.twitter.com/CQpQgShu0x
— DealBook (@dealbook) November 9, 2021
Given the Apple Play Store’s history of crypto hoaxes, Apple is treading carefully around any substantial integration in the cryptocurrency industry. Apple was served with a class-action lawsuit during quarter three closing as a result of its careless screening method. The Diep Vs Apple class-action lawsuit was initiated after a fake program on Apple’s App Store, Toast Plus, masquerading as a cryptocurrency wallet, Toast Wallet, used phishing attempts to illegally XRP from users’ wallets by scamming them out of their crypto holdings.
In the lawsuit letter, it was stated that “this action is a class-action suit for damages under the federal and state laws of the United States, seeking legal remedy for the Defendant’s breaches of those same laws, in participating in and or allowing “hacking” and “breach” of financial account information and actual theft of personal financial assets, by authorizing a malicious application in the App Store and maintaining the same, despite knowledge of the criminal activity, and the Defendant’s further failures to notify Plaintiff and the Class Members that their financial information had been compromised.”