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Cook's Bitcoin Stance: Apple Stays Cash-Rich
30 Aug
Summary
- Tim Cook believed crypto was unsuitable for Apple's investors.
- Bitcoin saw significant gains while Apple shares outperformed.
- New CEO Ternus's stance on crypto remains publicly unknown.
Tim Cook, who stepped down as Apple's chief executive on Tuesday, September 1, maintained a firm stance against adding Bitcoin to the company's treasury. Cook, who disclosed owning cryptocurrency himself, explained in November 2021 that Apple's investors did not purchase stock for crypto exposure.
Analysis since his statement shows this approach favored Apple. While Bitcoin experienced fluctuations, Apple's stock saw a substantial increase of approximately 82% between the end of 2021 and late Friday. This performance contrasts with Bitcoin's more modest gain of about 12% over the same period.
John Ternus has now taken the CEO position. With 25 years of experience in hardware engineering, Ternus's views on cryptocurrency investments for Apple have not yet been publicly shared. Cook will continue as executive chairman.
Any potential future involvement with digital assets is likely to focus on services, such as payment settlement costs using stablecoins, rather than direct treasury investments. Apple already regulates crypto applications through its App Store.
