The well known tech entrepreneur, Steve Wozniak has recently stated why he thinks Bitcoin may be better than gold or the U.S. dollar in terms of investment safety.
On Sunday, October 22nd, the tech mogul stated that cryptocurrency and blockchain technology have a large amount of potential for worldwide use as time goes on. Wozniak stated that “there is a certain finite amount of bitcoin that can ever exist.” This was in relation to the idea that the U.S. government can simply print more money whereas there is a finite amount of cryptocurrency as aforementioned.
He also stated that there is not a fixed supply chain with gold, because humans will continue to develop methods to pull it out of the earth. Wozniak stated that “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.” Wozniak also stated that bitcoin is similar to owning a house given that a “house has value. And if it is a house today, 40 years from now, it still is a house in value.”
Wozniak then began to state why there should be appreciations in regard to the mathematical aspect of the coin. Wozniak stated that “I looked at it as a form of currency.” Initially, Wozniak admitted to not understanding the coin fully, but now he does and this has led to his informed opinion on the subject. Wozniak said that he initially had a difficult time trying to buy bitcoin and the process was “so awkward, it kept me from getting early bitcoin.” When he finally was able to buy it, the price immediately dropped by a staggering amount. Hopefully Wozniak is right, and the coin can become an excellent store of value as time goes on.