Apple Co-founder chooses Bitcoin over Gold
During the Money 20/20 conference held in Las Vegas, Steve Wozniak the co-founder of Apple asserted that he would rather bank on Bitcoin comparison to the “phony” U.S. dollar and the yellow metal. In spite of being deeply criticized for its inherent price volatility, Bitcoin having a fixed supply is much more stable when compared to government-backed currencies like that of the U.S. dollar since the later gets easily diluted. Wozniak was quoted as saying, “There is a certain finite amount of bitcoin that can ever exist,” which makes it all the “more genuine and real” compared to dollar, which is “kind of phony” as the U.S government has ultimate control over its issue and can use the same as a tool to power up political tactics.
While praising Bitcoin’s utility as a commendable store of value, Wozniak drew comparisons of the dynamic cryptocurrency with real estate which is a highly appreciable asset. He pointed out that, “your house has value. And if it is a house today, 40 years from now, it still is a house in value,” in spite of its price increasing over time. Previously, investors used to bank on gold as a safe hedge against inflationary trends. However Wozniak feels that in spite of gold having a fixed supply, advancement in technology will enable miners to extract more from the earth with enhanced efficiency thus diluting its fixed supply to a certain extent.
Wozniak stated, “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 totally contradicts the stand taken by investment banking giant Goldman Sachs which recently warned its clients stating that Bitcoin definitely is not the “new gold” as gold is a much more secure landing pad for investors in comparison to Bitcoins.
Woznaik also stated that on first learning about Bitcoin, he was in complete awe of its mathematical architecture but could not clearly understand the equation behind its operation. However, he understands the same now and is a big time supporter of both Cryptocurrency and Blockchain technology. Apart from Bitcoin, he is also extremely excited about its next in line competitor Ethereum which houses tremendous possibilities to open up, “tens of thousands of [software] programs.” He concludes by saying, “there is a lot more to this cryptocurrency than just the Bitcoin.” Well, we hope to get a flavour of its unearthed resources sometime soon.
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