Is Apple creating a Bitcoin rival? iPhone maker reveals it’s ‘looking into’ crypto


Is Apple creating a Bitcoin rival? iPhone maker reveals it’s ‘looking into’ crypto

The boss of Apple says the company is “looking into” cryptocurrencies – and admitted he’s bought some Bitcoin himself. Tim Coo

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The boss of Apple says the company is “looking into” cryptocurrencies – and admitted he’s bought some Bitcoin himself.

Tim Cook, 61, told an event this week that he had been interested in digital currencies “for a while”.


Apple boss Tim Cook has revealed that the iPhone-maker is “looking into” crypto[/caption]

Speaking at The New York Times DealBook online conference, he clarified that it was unlikely that Apple would invest in crypto any time soon.

“It’s something we are looking at, it’s not something we have immediate plans to do,” the cheif executive said.

Cook added that he would not feel comfortable investing Apple’s cash balance in digital coins, as it would not sit well with investors.

“I would not go and invest [Apple’s money] in crypto, not because I would not invest my own money in crypto, but because I don’t think people buy Apple stock to get exposure to crypto,” he said.

Despite his hesitancy to plunder the iPhone-maker’s coffers in the hopes of catching the next crypto wave, Cook admitted that he is himself an investor.

He said that bitcoin, the world’s largest cryptocurrency, and ethereum, the second, are “reasonable to own” as part of a diversified investment portfolio,

Cook added: “I’m not giving anyone investment advice, by the way.”

Apple itself does not officially support cryptocurrencies, but it has flirted with the idea in recent months.

Back in May, the Cupertino tech titan posted a job ad for a “Business Development Manager – Alternative Payments”.

The online posting stipulated that candidates should have experience with handling cryptocurrency.

The recruit would be joining the team that’s responsible for Apple Pay and the iPhone Wallet app.

It led to speculation that Apple would soon accept cryptocurrency payments for its products, though such a move has yet to materialise.

Electric car titan Telsa recently leapfrogged Apple to become the world’s most valuable company.

The iPhone-maker has a job on its hands if it is to regain its crown amidst a global components shortage that is hampering gadget production.

It emerged last week that Apple has cut back production of iPad tablets to allocate more components to the iPhone 13.

Alongside huge shipping delays, it’s a sign the chip supply crunch is hitting Apple harder than previously indicated.

According to a report by Japanese news outlet Nikkei, production of the iPad was down half from Apple’s original plans for the past two months.

Parts intended for older iPhones were also being switched to the iPhone 13.

Apple has weathered the supply crunch better than many other companies due to its huge purchasing power and long-term supply agreements with chip vendors.

However, Cook recently warned that the impact of supply constraints will be worse during the current holiday sales quarter and the chip shortage is now affecting most of the company’s products.

Apple will be investigating other revenue streams in the short term as the crisis is forecast to continue well into 2022.


Apple has made moves into the financial sector in recent years, releasing mobile payment and digital wallet service Apple Pay in 2014[/caption]

In other news, iPhone owners in the UK have had a £750 payout from Google snatched from them by the UK’s highest court.

Google Chrome users are being warned to delete the browser amid fears highly sensitive data is being harvested.

Facebook has announced that it’s changing its name to “Meta”.

The company is working to create lifelike avatars of its users that they can control in a virtual world called the “metaverse”.

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