Tim Cook says he has his own cryptocurrency

Apple CEO Tim Cook has changed the face of Twitter and revealed that he is the owner of Bitcoin and is intrigued in it for “a while”.

Cook, whose current net worth is around $1.4 billion, slammed speculation about Apple is considering cryptocurrency as an investment option even as the prices for bitcoin and Ethereum have risen to record highs.He claimed that Apple has had been exploring crypto, but may not be able to offer users a means to make payments using it in the near future.

Cook spoke during his appearance at the Dealbook Online Summit. “I think it’s reasonable to own it as part of a diversified portfolio,” Cook said to that of Deal Book’s Andrew Ross Sorkin – quickly saying he didn’t offer investment advice.

Twitter users were able to get an glimpse into how Cook is managing his investments and also a confirmation that he did some research into cryptocurrency. This is how cryptoengines make the trading process easy.

Apple has around $200 billion of cashthe equivalent of $200 billion “I don’t think people buy Apple stock to get exposure to crypto,” He explained, and also said that the company has no plans to introduce crypto as an accepted payment method in the near future. “It’s not something we have immediate plans to do.”

“But never say never,” Cook quipped.

A rising number of large firms have begun to integrate cryptocurrency into their operations. Tesla for instance, started accepting payment for its electric cars however, it abruptly stopped accepting payments in May, citing environmental issues. Tesla also purchased bitcoins that were worth $1.5 billion from its corporate Treasury. Bitcoin And ethereum — two of the most popular cryptocurrency types — both hit new records early on Tuesday and saw the value for bitcoin rising to $6,000 for the very first time in history and the price of ethereum reaching $4,800.

At present bitcoin has been legalized by US, Japan, the UK and a lot of other advanced countries. In new markets the legality of bitcoin differs.

China is a major blocker of bitcoins, but without criminalising the possession of bitcoins. India has banned banks from doing business in bitcoin , and it is believed to be heading toward the “middle path” hereon.

Although bitcoin is not illegal however, the majority of laws that are applicable to other assets can also be applied to bitcoin. Tax law is one area that people can encounter problems. In taxation bitcoin is generally regarded as a property, not a currency.

The Biden administration is becoming more cautious about cryptocurrency. Securities and Exchange Commission Chairman Gary Gensler this month said the regulator would remain “very active” in bringing the cryptocurrency market under its investor protection framework. A lot of crypto markets have been wiped out and many already in existence are raising funds from the public and posing risk of fraud or manipulating, Gensler said.

El Salvador became the first country to accept bitcoin’s legal status in the month of June 2021.The digital cryptocurrency bitcoin was invented in 2009 by a man or entity who used the pseudonym Satoshi Nakamoto. The identity of the creator has not yet been confirmed. Bitcoins are not physical that are akin to euros or dollars. Bitcoins are only available on the internet, mostly in digital wallets.Ledgers also known as blockchains are used to record bitcoins’ existence. Bitcoin can be handed direct to, or acquired by anyone with a bitcoin account through peer-to-peer transactions. Bitcoin is also traded on a few exchanges across the globe and that is how the price of bitcoin is determined.

The reason bitcoin is so appealing to those who own it is that it’s not regulated or controlled by a state or country. As opposed to opening the bank account for dollars euros, yen or dollars opening a bitcoin account does not require you to provide the necessary information to identify. Bitcoin is essentially untraceable and law enforcement agencies aren’t able to block bitcoin accounts just like open a bank account.

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