Tim Cook declared that Apple has been interested in cryptocurrency but has no plans to offer crypto payments to users anytime soon.
Apple executive Tim Cook somewhat shook Twitter users after confirming that he owns crypto and has been interested in the industry for a while. Cook’s net worth stands at $1.4 billion at the moment. The executive rejected buzzes that Apple targets crypto investment even as BTC and ETH rose to their ATHs in the past few sessions. He confirmed that his company has been interested in cryptocurrency but may not allow its customers to pay with digital coins anytime soon.
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Cook spoke at the Dealbook Summit on Tuesday. He confirmed owning crypto is reasonable to diversify investors’ portfolios. However, Cook quickly added not offering investment advice. Twitter users viewed it as a rare scenario on how the CEO manages his investment profile as it revealed that he researched the asset class.
Keep in mind that different big businesses have incorporated cryptocurrencies into their undertakings. For instance, Tesla started accepting crypto payments for its cars but suspended it in May due to ecological concerns. The electric car firm also purchased BTC worth $1.5 billion at the start of this year.
The two leading digital coins, BTC and ETH, attained new record peaks early on Tuesday as Bitcoin’s price surged past $68,000 while ETH tagged $4,800. Though the assets plunged from their ATHs at the moment, analysts still predict more highs.
BTC is legal in various developed countries, including Japan, the UK, and the US. However, Bitcoin’s legal status varies when it comes to emerging markets. Though China does not criminalize Bitcoins holding, the nation restricts the asset heavily. Also, India prohibited its banks from interacting with BTC.
Even in nations where BTC is legal, the token faces most laws as other assets. Tax law is among the troubling element in that context. When it comes to tax, financial regulators regard BTC as property and not a currency.
Biden’s administration gets increasingly concerned about cryptocurrencies. The SEC chair Gary Gensler confirmed that the securities regulator would control digital currencies using its investor-protection protocol. Gensler said that the crypto markets have seen many tokens dying and existing ones raising funds for the public, though risks like manipulation and fraud.
El Salvador is the first nation to make BTC a legal tender in 2021 June. Meanwhile, an anonymous individual or group dubbed Satoshi Nakamoto created Bitcoin back in 2009. You cannot access physical BTC corresponding with euro notes and dollar bills. Bitcoins exist in digital wallets, accessed via the internet.
Blockchain is ledgers that track Bitcoins’ existence. Anyone with a BTC address can receive or send the digital coins through peer-to-peer transactions. Also, various exchanges around the globe offer BTC trading services, thus establishing the asset’s price.
Keep in mind that governments cannot control the asset. Moreover, users do not need to provide identity data when creating their BTC accounts. If you want to join the crypto craze, the doors are open for you.