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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