Tim Cook Has Invested in Cryptocurrency Personally, But Apple Has No Immediate Plans To Do So. (nytimes.com) 34
While Apple might not offer users a way to pay with cryptocurrency anytime soon, its leader has invested in it personally. From a report: Tim Cook, Apple's chief executive, said at the DealBook Online Summit on Tuesday that he has bought cryptocurrencies. "I think it's reasonable to own it as part of a diversified portfolio," Mr. Cook told DealBook's Andrew Ross Sorkin, quickly adding that he wasn't giving investment advice. He said he has done some research on crypto and has been interested in it for "a while." The revelation came as Mr. Cook said that Apple itself did not intend to join a growing number of big businesses incorporating crypto in their operations. Mr. Cook said, however, that Apple didn't plan to buy any Bitcoin with its roughly $200 billion in cash -- "I don't think people buy Apple stock to get exposure to crypto," he said -- and added that it had no plans to make crypto an accepted method of payment anytime soon. "It's not something we have immediate plans to do," he said. But never say never: Mr. Cook added, cryptically, "There are other things that we are definitely looking at."
That's all toy money to Cook (Score:2, Insightful)
"I think it's reasonable to own it as part of a diversified portfolio," Mr. Cook told DealBook's Andrew Ross Sorkin, quickly adding that he wasn't giving investment advice
Boy, that's a laugh. Cook is so rich that this is just toy money to play with for him - there's literally no risk at all to him.
But for the others that have fallen for the cultists' "HODL! HODL! HODL!" [twitter.com] mantra, for which any investment money spent isn't a toy to them, they'll end up "hodling" the bag in the end.
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However it's still a significant chunk of carbon use, totally unnecessarily
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However it's still a significant chunk of carbon use, totally unnecessarily
Indeed...
Tim Cook as Apple CEO: "We care so, so much about the environment..."
Tim Cook as individual investor: "GIMME CARBON PRODUCING CRYPTO!!!!"
Musk et al. == Bitcoin Pushers (Score:1)
If you want to crit a rich guy investing in crypto then have a go at Mr Cyrpto himself... Elon 'I will own the world' Musk.
People like Musk (and Dorsey, and Saylor, etc.) are properly called Bitcoin Pushers [urbandictionary.com]
And yes, Cook as now joined their ranks after that interview.
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He was tired of his job as a logistics operator
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"There are other things we are looking at."
Tim Cook thinks he can cook up some kind of "AppleCoin" and have it have value for some reason.
Bodysnatchers scenario (Score:2)
Like in the movie, you have no idea who belongs to the enemy. This is why crypto will never be banned or regulated, even those are invested who could do it.
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You are imagining nonsense. More and more countries are regulating crypto, China has banned it (soon to be followed by three more countries) and USA's SEC is calling for regulation.
https://www.investopedia.com/n... [investopedia.com]
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China only banned non-government-run crypto. They're rolling out their own, Digital Chinese Yuan, for their own reasons. It sounds like they've taken some bits and pieces from crypto tech and repurposed it for their needs:
https://www.db.com/news/detail... [db.com]
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that's just digital money to replace physical cash, not so called "cryptocurrency" at all and does not have "cryptocurrency" tech at all, the "wallet" is just a bank account. You do know most money here in USA is digital right?
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So is bank transfer. And it is regulated.
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It is already highly regulated and becomes more so every year.
If you think it is not, you have not been paying very close attention.
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That's like saying Homosexuality could never be banned because too many politicians are homosexual. Sometimes it can still happen, and people can still be sent to jail.
Diversification (Score:2)
One of the tricks of being in the top 1% is to diversify as much as you can. If you made billions on say Bear Sterns and never bought anything but Bear Sterns, you went bankrupt when Bear Sterns did. Same with Enron or a hundred other huge investments that went belly up.
If instead you bought some real estate, some gold, some treasury bonds, some art, etc. then you go from the top 0.1% to the top 1%.
I absolutely hate crypto, but anyone with hundreds of millions of dollars should probably keep at least a m
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What percent would you recommend for Beanie Babies? Does 0.5% sound about right, or is that too low?
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If they were still hot then .5% sounds good if I had more than $100 million.
One of the key ways people with money keep it/expand it is by investing in 20 or so long shots with a 5% chance of make 30 times your money. Split $2k into 20 sets of $100, if 19 of them go bankrupt, but one of them becomes worth $3k you have a profit. Basically why Mark Cuban invests on Shark Tank. He knows most will not make him money but the ones that do...
Best part is you get $1900 of short term tax losses and you do not
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> I absolutely hate crypto, but anyone with hundreds of millions of dollars should probably keep at least a million in it
Is it on ethical grounds, to help convert more of the atmosphere to CO2, or on the basis of his personal needs, because the extra millions positively impact his life in some measurable way of someone who is already a billionaire?
And this bothers us how? (Score:2)
Rich people doing rich people things, The general rule in investing is invest only in what you can afford to lose, being a wealthy fellow, he can invest a lot and even in some high risk ventures, because he can afford to have that investment fail, however if it succeeds he could gain a lot.
Apple being a public traded company, where its actions are under the checks of a board, and its shareholders. The Company Apple may be more risk adverse than Cook is.
Unfortunately not everything is a grandiose statement
other means of payment (Score:2)
re Mr. Cook added, cryptically, "There are other things that we are definitely looking at."
First born child?
Indentured servitude?
Permanent assgnment of all IP rights from birth?
Copyright extension?
The other thing they might be looking at (Score:2)
Apple could develop its own coin and possibly NFT marketplace. How many ICOs have that much recognition and likely buy-in on day one? Pretty much *none*.
It is not an "investment", it is "gambling" (Score:3)
And it is about as useful to society, maybe less so.
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I agree entirely, but I also don't think there's any real risk (or, "hope") of bitcoin going to $0. Too many people have bought in and demonstrated a willingness to hold on.
With it basically being impossible to sell fast? It can crash completely in a day by a mass-panic. Already looking forward to all those morons claiming "How could be have known?".
Oh his suffering (Score:2)
He's obviously so poor, he deserves to wreck a good chunk of the remaining carbon budget for his personal well-being, otherwise no way he can afford to eat or pay rent. Nice conversion of the earth's atmosphere into personal riches, of, ... one of the richest men on earth.