Apple’s co-founder, Steve Wozniak, believes that Bitcoin is superior to both gold and the “phony” fiat U.S. dollar since there is a finite amount of the cryptocurrency.
Wozniak made the comments at the Money 20/20 conference in Las Vegas, explaining that although Bitcoin is crucified for its price volatility, it is more stable than government-backed fiat currencies such as the U.S. dollar since it has a fixed supply, while fiat currencies can be easily diluted by printing them out of thin air.
“There is a certain finite amount of bitcoin that can ever exist,” the publication cited Wozniak stating. That makes Bitcoin “more genuine and real” than the dollar, which is “kind of phony” since the U.S. government can issue new units of currency for purely political reasons.
Praising Bitcoin’s s a storage of value, he compared it to owning an appreciable asset such as a house:
“Your house has value. And if it is a house today, 40 years from now, it still is a house in value,” he said.
He also took a swing at gold warning that although there is a fixed supply of gold, continuously-improving technology will enable miners to extract more gold which will inevitably dilute the market’s supply to an extent.
“Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”
Wozniak’s view contradicts investment banking giants Goldman Sachs and JPMorgan. Though more open to the digital currency than JPMorgan, Goldman Sachs recently warned its clients that Bitcoin is not the “new gold” because gold satisfies the characteristics of money better than cryptocurrency does.
The firm stated its reasonings were that “Bitcoin wallets are vulnerable to being hacked and the price is highly volatile and has risky hard forks.”
Wozniak added that when he first learned about Bitcoin, he admired its mathematical properties but did not understand how the blockchain worked. However, now that he thoroughly understands it, he is a major proponent of both blockchain technology and cryptocurrency. Maybe Wozniak can teach JPMorgan head Jamie Dimon about cryptocurrency since he seems to have no clue what he is talking about when he brings up the topic, calling the whole [FIAT: $165,153,595,618] cryptocurrency market a “fraud” over and over again, like a broken record player.
In addition to Bitcoin, Wozniak sees cryptocurrencies potential noting that he is excited about smart contracts platforms like Ethereum. He further believes that smart contracts will open up many possibilities allowing for “tens of thousands of software programs” that no one could have imagined before the invention of blockchain which stems from Bitcoin’s own creation.
“There is a lot more to this cryptocurrency than just the Bitcoin,” he stated.
The IMF head Christine Lagarde differs from JPMorgan’s Jamie Dimon and Goldman Sachs, warning the opposite that “It’s Time To Get Serious About Cryptocurrency.”
Adding, “I think we should just be aware of not categorizing anything that has to do with digital currencies in those speculation, ponzi-like schemes,” she said. “It’s a lot more than that as well.”
Bitcoin is currently trading at [FIAT: $5,569.26] according to Coin Market Cap.
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