Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,088 trillion. Bitcoin is up by almost 3% after a week of recovery. Ethereum increased by roughly 7% after seven productive days. XRP is up by almost 43% this week. Most altcoins are trading in the green, with very few exceptions. The DeFi sector added over $3.5 billion to the Total Value Locked in…
Another mainstream billionaire has added cryptocurrency to his portfolio. Tim Cook – CEO of Apple – recently confirmed that he owns at least one of the two top cryptocurrencies.
Cook’s Personal Interest In Crypto
In a recent interview with CNBC’s Andrew Sorkin, Cook was asked whether he owns Bitcoin or Ethereum.
“I do”, he replied. I think it’s reasonable to own it as part of a diversified portfolio… I’m not giving anyone investment advice by the way.”
The Apple President said that he’s been researching and studying cryptocurrency for a while now. However, he clarified that his interest was purely personal. He currently doesn’t have an interest in accepting cryptocurrency as payment at Apple or adding it to the company’s portfolio.
“I wouldn’t go invest in crypto, not because I wouldn’t invest my own money, but because I don’t think people buy Apple stock to get exposure to crypto,” said Cook.
Yet he isn’t the only one: Apple’s co-founder Steve Wozniak has shown extra enthusiasm over the asset class. Last month, he called Bitcoin “mathematical purity”, contrasting it with the endlessly replicable nature of the US dollar. In addition, he praised the use-cases that the broader blockchain technology could usher in – including voting.
In 2019, an executive of Apple Pay also said he saw “long-term potential” in cryptocurrency. Nevertheless, Apple has yet to provide any cryptocurrency-related products or services and has no immediate plans.
Diversifying Into Digital Assets
Cook is just one of many ultra-wealthy individuals dipping his toes into the emerging asset class. Observing remarkable gains, investors with a stomach for volatility are moving fractions of their portfolios around to get their piece.
Last month, Paul Tudor Jones told CNBC that he and his funds have single-digit percentage allocations in Bitcoin. Like many others, he said he prefers cryptocurrency over gold as an inflation hedge.
Orlando Bravo, a billionaire and private equity firm owner, also has an interest in it. He showed explicit interest in Bitcoin as a technology for combating monetary debasement. He said that other institutions would follow suit in the years to come.
Finally, Elon Musk has been one of the most noteworthy adopters. Now the richest man on the planet, both the Tesla CEO and his company have invested at least $1.5 billion into the asset. He even has a smaller personal investment in both Ethereum and Dogecoin.
Regardless of how much cryptocurrency each person has bought, they’re all currently in the green. Bitcoin’s price struck another all-time high yesterday, while the total crypto market cap topped $3 trillion.