Apple Coin? CEO Tim Cook Hesitant to Launch a Cryptocurrency
Apple (AAPL) likely won’t be launching its own cryptocurrency in the foreseeable future, according to CEO Tim Cook.
“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 said. “A private company shouldn’t be looking to gain power this way.”
The reasoning behind this hesitation is likely two-fold. First, Facebook has run into significant regulatory headwinds regarding its Libra project and recent reports indicate that early backers are beginning to abandon the project altogether.
Additionally, Apple recently launched the Apple Card via a partnership with Goldman Sachs (GS). Reports suggest that Goldman Sachs spent $300 million developing the card, further reducing the incentive to jump into the digital currency market for either party.
Given this information, it’s safe to say that Apple Coin won’t be available anytime soon.
Image: Austin Community College / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.