Earlier this week at The New York Times‘ Dealbook conference, Tim Cook, the venerable CEO of Apple, disclosed that he held crypto in his personal capacity, describing it as “interesting” and something that he had been “researching”.
Crypto For Cook, Not Apple
When asked about crypto and potentially accepting it through Apple Pay, Cook responded:
It’s something we are looking at. It’s not something we have immediate plans to do … I would sort of characterise it as there are things that I wouldn’t do, like … our cash balance. I wouldn’t go invest it in crypto not because I wouldn’t invest my own money in crypto, but because I don’t think people buy an Apple stock to get exposure to crypto … so I wouldn’t do that.
Tim Cook, CEO, Apple
Whichever way you look at it, Cook was quick to pour cold water on any notion that Apple would become either the next company to put bitcoin on its balance sheet, or otherwise accept it as a means of payment.
I am not planning in the immediate future to take crypto for our products, as a means of tender, but there are other things that we are definitely looking at.
Tim Cook, CEO, Apple
When asked what he was “definitely looking at”, Cook laughingly responded: “like I wouldn’t want to have anything to announce today”. The subtext was fairly transparent. Apple, a company notoriously secretive about upcoming announcements and innovation, appears to be working on something, but as yet is not ready to disclose anything.
Michael Saylor, famous for referring to MicroStrategy’s cash reserves as a “giant melting ice cube”, couldn’t resist adding his two cents when he suggested that a shift to the Bitcoin standard could generate at least US$1 trillion in shareholder wealth:
Something is Brewing at Apple, But What?
As the second-largest company on Earth with a market capitalisation of US$4.4 trillion, any moves made by Apple into the crypto space would necessarily be considered and measured. Unlike Saylor, who retains control of his company, MicroStrategy, changes to treasury strategy or product line in a company such as Apple is a lot trickier to implement.
Things are no doubt happening at Apple, but at present it isn’t clear what these changes are going to look like. In May this year, Crypto News Australia reported that Apple was in the process of hiring an expert with experience in digital currencies and wallets.
Does this mean it will start accepting crypto, or allowing crypto purchases with Apple Pay or adding bitcoin to its treasury? Nobody knows for sure, but one thing remains clear – Apple is working on something and usually, that something is big.
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