Fintech CEO: Tim Cook Latest Celeb Tech CEO to Promote Crypto

  • Cryptocurrencies
  • 07.12.2021 08:15 am

 Last month, Apple CEO Tim Cook made news when he told the world at the New York Times DealBook conference that he was invested in cryptocurrency, though noted that he wasn’t giving out investment advice to others. He also noted that he was not committing Apple to participating in cryptocurrencies in any way. His investment came after an interest in digital assets led to further research, he said.

“Whether it is Elon Musk or Kevin O’Leary or Mark Cuban or, now, Tim Cook, there’s a degree of normalcy and safety and, even, intrigue for Main Street investors. There’s that feeling that they don’t want to miss out on an opportunity flagged by a great technologist or investor or business person. It’s a celebrity endorsement, but in a more realistic way. Tim Cook answered a question about his own personal habits and portfolio. He’s not out there hawking Bitcoin. That makes it even more valuable as a vehicle for changing consumer attitudes,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

“I think it’s reasonable to own it as part of a diversified portfolio,” Cook said. However, on the topic of Apple’s entrance to cryptocurrency, he demurred, saying “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,” he said.

“I think that stance is fine, but, in many ways, I’m not sure that it is realistic long-term. Central banks are lighting themselves on fire to be among the first to develop, beta-test, and launch a successful CBDC. At this point, I think it is fair to say that major powers must consider that research mission critical. It really is a national security concern for other major powers to have CBDCs which gains traction for use in international remittances. For that reason, among others, central banks are moving toward launching their own digital currencies, and it is only a matter of time before they are a commonplace payment mechanism. Look at El Salvador, having named Bitcoin legal tender. Change is coming and companies will need to adapt,” said Gardner.

“One of the remaining questions is how custody will work for digital assets. Right now, cryptocurrencies are mainstream. But, there will be a time in the not too distant future where most will utilize digital assets in their daily life. Right now, we have custody solution providers who simply don’t cut the mustard in terms of the reliability of their security apparatus. One industry leader is embroiled in a lawsuit in which the plaintiff alleges that it is responsible for $70 million worth of losses. That’s not going to work long-term,” said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“Cryptocurrency and digital assets are here to stay. The big names are on board. Institutional investors are on-board. Even regulators are beginning to come around. The last remaining piece of the puzzle is having a custody solution which actually affords investors and asset holders with the security that our society will demand. That’s a work in progress right now, and there’s definitely space in the market for a new entrant with a security focus to completely transform the equation,” said Gardner.

Related News