The co-founder of Apple, Steve Wozniak, confirmed his belief that Bitcoin will prove to be superior to both gold as well as the “phony” US Dollar.
A report by Bitcoin Magazine stated that during this year’s Money 20/20 conference hosted in Las Vegas, Wozniak stated that despite Bitcoin’s so-called price volatility, the cryptocurrency is more stable than fiat currencies. According to Wozniak, the fact that Bitcoin has a fixed supply ensures its stability, unlike fiat currencies which can easily become subject to diluting. Wozniak stated that since there is a finite number of bitcoins that can exist, it makes the currency more genuine and real. He believes that fiat currencies are often "phony", as the government can issue more currency as they like, often for political reasons.
To illustrate his praise of Bitcoin even more, Wozniak compared owning Bitcoin to owning a house. According to Wozniak, your house has value and will continue to hold value in 40 years despite inflation and price increases. The value of your house never depletes.
Historically, investors used gold to hedge against inflated economic policies. Despite there being a fixed supply of gold, Wozniak argued that innovative and improved technology could soon enable the mining industry to mine gold from deep within the earth. This is likely to dilute the existing gold supply extensively. He believes that gold will be mined with increasing intensity and efficiency in the future. Unlike gold, Bitcoin relies on mathematics which cannot be changed by external factors.
The positive approach to Bitcoin conflicts greatly with previous financial experts who commented on the industry. Investment banking giant, Goldman Sachs, recently launched strong critiques against Bitcoin and issued a warning to their clients to refrain from investing in it. In addition, JP Morgan CEO, Jamie Dimon, publicly stated that Bitcoin is fraudulent.
During the address, Wozniak stated that he learned about Bitcoin out of admiration and curiosity regarding the mathematical properties of both Bitcoin and blockchain. However, Wozniak stated that since learning about the technology’s properties and processes, he has become a major advocate of blockchain technology as well as the cryptocurrency. Wozniak is not just a believer of Bitcoin and blockchain, he has also expressed his enthusiasm regarding smart contract platforms, such as Ethereum. Wozniak stated that smart contracts are bound to open up the possibility of tens of thousands software programs, that would have been unimaginable before the dawn of computers.
Wozniak concluded his address by warning listeners, “There is a lot more to this cryptocurrency than just the Bitcoin.”
A report by Bitcoin Magazine stated that during this year’s Money 20/20 conference hosted in Las Vegas, Wozniak stated that despite Bitcoin’s so-called price volatility, the cryptocurrency is more stable than fiat currencies. According to Wozniak, the fact that Bitcoin has a fixed supply ensures its stability, unlike fiat currencies which can easily become subject to diluting. Wozniak stated that since there is a finite number of bitcoins that can exist, it makes the currency more genuine and real. He believes that fiat currencies are often "phony", as the government can issue more currency as they like, often for political reasons.
To illustrate his praise of Bitcoin even more, Wozniak compared owning Bitcoin to owning a house. According to Wozniak, your house has value and will continue to hold value in 40 years despite inflation and price increases. The value of your house never depletes.
Historically, investors used gold to hedge against inflated economic policies. Despite there being a fixed supply of gold, Wozniak argued that innovative and improved technology could soon enable the mining industry to mine gold from deep within the earth. This is likely to dilute the existing gold supply extensively. He believes that gold will be mined with increasing intensity and efficiency in the future. Unlike gold, Bitcoin relies on mathematics which cannot be changed by external factors.
The positive approach to Bitcoin conflicts greatly with previous financial experts who commented on the industry. Investment banking giant, Goldman Sachs, recently launched strong critiques against Bitcoin and issued a warning to their clients to refrain from investing in it. In addition, JP Morgan CEO, Jamie Dimon, publicly stated that Bitcoin is fraudulent.
During the address, Wozniak stated that he learned about Bitcoin out of admiration and curiosity regarding the mathematical properties of both Bitcoin and blockchain. However, Wozniak stated that since learning about the technology’s properties and processes, he has become a major advocate of blockchain technology as well as the cryptocurrency. Wozniak is not just a believer of Bitcoin and blockchain, he has also expressed his enthusiasm regarding smart contract platforms, such as Ethereum. Wozniak stated that smart contracts are bound to open up the possibility of tens of thousands software programs, that would have been unimaginable before the dawn of computers.
Wozniak concluded his address by warning listeners, “There is a lot more to this cryptocurrency than just the Bitcoin.”