Apple co-founder Steve Wozniak believes that bitcoin is superior to both gold and the “phony” U.S. dollar. According to him, Bitcoin is more stable than government controlled fiat currencies because Fiat currencies can be printed by any government at will, whereas Bitcoin has fixed supply (21 million). Gold is continuously mined and nobody knows the amount of Gold in existence.
The founder of Apple made the statement at the Money 20/20 conference in Las Vegas, when interviewed by CNBC on cryptocurrencies and their underlying blockchain technology
He said
“There is a certain finite amount of bitcoin that can ever exist. Gold gets mined and mined and mined. Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”
This view on gold is in contradiction to the view on gold of investment banking giant Goldman Sachs, who had warned its customers recently that Bitcoin should not be considered the new gold because gold is much nearer to satisfying the characteristics of money compared to Bitcoin.
He further said
“Bitcoin is mathematical. I am a mathematician. There are only 21 million. It is more legitimate than other systems”.
He went on the compare Bitcoin 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 even if the price goes up and the government draws more taxes out of it.”*
Wozniak also mentioned that he did not understand how Blockchain worked when he first came across Bitcoin but he was fascinated by the mathematical properties of Bitcoin. But today, he understands Blockchain technology very well and is now a strong supporter of cryptocurrency and underlying blockchain technology. He is also fascinated by smart contracts platforms like Ethereum as smart contracts will open up many possibilities as “tens of thousands of software programs” that no one imagined before the invention of computers.
“There is a lot more to this cryptocurrency than just the Bitcoin,” he concluded.
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