Tim Cook Says Apple is Exploring Cryptocurrency

Apple Explores Cryptocurrency, But No Immediate Plans

During a recent interview at the NYT Dealbook Conference, Apple’s CEO, Tim Cook, acknowledged the company is actively investigating cryptocurrency technologies. However, he was careful to state that there are currently no concrete plans for the launch of any cryptocurrency-focused products or services.

Areas of Exploration and Limitations

While refraining from specifying the precise areas of crypto being examined, Cook indicated that certain applications within Apple’s existing business framework would be deemed unsuitable for integration with cryptocurrency. This assessment is ongoing, even though public announcements regarding potential crypto products are not forthcoming.

Cook clarified the company’s investment strategy, stating, “I would characterize it as there are things I wouldn’t do – like our cash balance.” He further explained that diverting company funds into cryptocurrency would not align with investor expectations, as shareholders acquire Apple stock for exposure to the company’s core business, not as a crypto investment vehicle.

Apple Pay and Direct Cryptocurrency Acceptance

The CEO also confirmed that Apple does not intend to facilitate cryptocurrency transactions through Apple Pay, “or otherwise,” nor does it plan to accept digital currencies as a form of payment for its products. Despite this, Cook emphasized that cryptocurrency remains a subject of active consideration within the organization.

He stated, “there are other things that we’re definitely looking at,” regarding crypto, but reiterated that Apple has no announcements to make at this time.

Competitive Landscape and Personal Investment

The move comes as competitors such as PayPal, Venmo, and Square’s Cash App have already entered the cryptocurrency market. Considering this trend, it’s logical that Apple is evaluating its options. Interestingly, Cook himself disclosed that he personally invests in cryptocurrencies.

“I think it’s reasonable to own it as a part of a diversified portfolio,” Cook commented, adding a disclaimer that his statement should not be interpreted as investment advice.

NFTs and Future Technologies

Cook expressed interest in NFTs (Non-Fungible Tokens), but believes their widespread adoption and appeal to a mainstream audience are still some time away. He also touched upon the company’s enthusiasm for AR (Augmented Reality) technologies.

App Store and Sideloading

The interview also addressed Apple’s stance on app store policies and the ongoing legal battle with Epic Games regarding sideloading. Cook defended the current system, suggesting that users who desire the ability to install apps from sources outside the App Store have an alternative.

“I think people have that choice today…because if you want to sideload, you can buy an Android phone,” Cook stated. He argued that allowing sideloading poses security risks.

He acknowledged the financial implications of maintaining control over the App Store, noting the revenue generated through in-app purchases and developer fees.

Global Business and Political Stance

Cook also discussed Apple’s global business strategy, emphasizing the importance of operating in diverse markets, including China. He stated the company believes in building bridges rather than erecting barriers.

Regarding political engagement, Cook confirmed that Apple does not have a Political Action Committee (PAC) and outlined the company’s approach to addressing political issues both privately and publicly.