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Tim Cook Talks Cryptocurrencies | It’s a No for Tech Behemoth

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Tim Cook

Tim Cook

Three months ago, Facebook (NASDAQ:FB) disclosed plans to roll out a cryptocurrency in the summer of 2020. Such news has made several headlines, with the latest being negative, as PayPal (NASDAQ:PYPL) might pull out of Facebook’s project. Even worse for the technology behemoth is that Apple (NASDAQ:AAPL), another tech giant, has expressed zero desire in following in the company’s footsteps, according to Tim Cook. Which brings forth the question: is it correct for Facebook to involve itself with virtual currencies?

Here’s what we know about Apple’s latest comments.

Tim Cook Talks Cryptocurrencies

Last week, Tim Cook talked cryptocurrencies, establishing his view on the sector once and for all: he’s not for it. When asked whether Apple will follow Facebook, Cook said to Les Echos newspaper that he has no current plans to venture into the crypto sector, adding that he doesn’t think companies should try to gain power by creating currencies.

“No. I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency,” Cook explained. “A private company shouldn’t be looking to gain power this way.”

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There was once a time when the market thought Apple might get into cryptocurrencies, with rumors surfacing in September when an Apple executive was quoted as saying the company was “watching” cryptocurrency. Tim Cook has squashed that hope. “Currency, like defence, needs to stay in the hands of countries, that’s the heart of their mission,” the billionaire said. The market doesn’t seem to be holding it against the company this week, though, with AAPL stock trading up 1% on the Nasdaq.

Takeaway

Are you disappointed that Tim Cook has said he isn’t interested in cryptocurrencies, or do you agree with him? Should currency stay in the hands of countries? Let us know your thoughts in the comments below!

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Apple Watching Cryptocurrencies, Says Vice President Bailey

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Apple watching cryptocurrencies

Apple watching cryptocurrencies

Apple (NASDAQ:AAPL) has been and continues to be an influential company; and if it’s looking at the crypto industry, you know virtual currencies must be doing something right. According to sources, that’s what the tech giant is doing, with VP Jennifer Bailey stating it is “watching cryptocurrency.”

Here’s what we know.

Apple Watching Cryptocurrencies: The Facts

At a private event in San Francisco, VP of Apple Jennifer Bailey took the stage, explaining to the crowd that the billion-dollar company is “watching cryptocurrency,” as it thinks the industry has “interesting long-term potential.” While the crypto industry has experienced troubles in the past, from crypto scams to outright haters, Apple maintains a belief that virtual currencies are “interesting,” and, with Apple’s reputation, saying that goes a long way.

That’s not to say Apple has announced a move into the sector, however; but people do seem to be all for it if it were to happen. It’s not just Bailey who is on board either; an analyst for Wedbush Securities said Apple watching cryptocurrencies makes sense, “given its sights on further monetizing its consumers.” It would also make sense considering other big tech companies have jumped on the crypto train, with Facebook (NASDAQ:FB) being one of them after launching its global crypto project Libra. The project is scheduled for release next year.

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Crypto aside, Apple seems to be working on improving its finance division as a whole. Bailey’s comments come only a couple weeks after the company released Apple Card, which is its first consumer finance product since the 2014 launch of Apple Pay.

Thoughts?

What do you think about Apple watching cryptocurrencies? Do you think a profitable company such as Apple should enter a sector that has restrictions and limitations? Let us know your thoughts in the comments below, and don’t forget to follow along with this story.

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