Tim Cook says Apple doesn’t plan to invest in crypto

Apple supremo Tim Cook says the company has no immediate plans to accept cryptocurrency after silencing rumours regarding the possible enabling of cryptos into products like Apple Pay and Apple Card.

Speaking at The New York Times DealBook conference, Cook said the company had no plans to enable crypto functionality, but teased “there are other things that we are definitely looking at”.

“I don’t think people buy Apple stock to get exposure to crypto,” he said, before adding he considers NFTs an “interesting” part of crypto.

Cook also reiterated that he personally invested in cryptocurrency, but has no further plans to invest Apple’s cash in the asset.

Apple has been considered by some to be a slow-starter in implementing cryptocurrency support. Most of the major firms in a similar niche – such as Square, PayPal or Venmo – support various crypto features, while Amazon and eBay have both shown enthusiasm to accept digital assets in the near future.

Augmented reality as the core business for Apple

Asked about Meta Platforms Inc, and its metaverse push, Cook explained augmented reality remains a core technology for Apple. There are plans for the new mixed reality headset to be revealed as early as next year.

Currently, Apple doesn’t have any cryptocurrency products or services. It does allow crypto wallet apps on its the App Store, but it prohibits mining apps.

Back in 2019, Apple Pay vice president Jennifer Bailey expressed interest in adding cryptocurrency into the mobile wallet, saying that cryptos had “long-term potential”.