- Apple co-founder Steve Wozniak endorses Bitcoin over gold and the U.S. dollar.
- Wozniak cites Bitcoin’s mathematical foundation and limited supply as key factors in its authenticity.
Bitcoin’s Authenticity Over Traditional Standards
In a recent dialogue facilitated by CNBC’s Deirdre Bosa at the notable Money 20/20 gathering in Las Vegas, Steve Wozniak, Apple’s illustrious co-founder, shed light on why he deems Bitcoin superior to both gold and the U.S. dollar. Central to Wozniak’s argument is the inherent limitation of Bitcoin’s supply. A mere 21 million of these digital coins can ever exist, a stark contrast to the indefinite nature of gold mining and the unpredictability of fiat currency printing, driven by centralized banking decisions.
His critique of gold is pointed: despite its historical significance as a store of value, the exact quantity of available gold remains an enigma. Bitcoin, on the other hand, operates on cryptographic principles ensuring a capped supply and, in Wozniak’s words, is more “genuine and real.”
The recent trajectory of Bitcoin’s price only fortifies Wozniak’s argument. Breaching the $6,000 mark momentarily, Bitcoin‘s value appears to solidify around $5,500, signaling its resilient potential. Such trends prompt experts like Wozniak to suggest that Bitcoin could dethrone gold as the benchmark of monetary value.
Why the Stability Argument Holds
Debates surrounding Bitcoin’s stability persist. Naysayers highlight its price volatility, but such behavior isn’t exclusive to cryptocurrencies. Tom Lee of FundStrat Global Advisor points to gold’s own tumultuous price journey upon the dollar’s departure from the gold standard, suggesting Bitcoin‘s price fluctuations are part of its evolutionary curve.
Bitcoin’s inherent properties underscore its potential stability. Wozniak draws a parallel between Bitcoin and real estate, emphasizing the sustained value of assets over time. Just as a house retains its inherent value over decades, despite market price shifts and varied taxation, Bitcoin’s mathematical foundation ensures its authenticity and resistance to arbitrary tampering.
With governments worldwide attempting to navigate the burgeoning realm of cryptocurrencies, their volatile reactions range from embracing to banning. Yet, Bitcoin, resilient and undeterred, continues to command attention and speculation. The consensus among experts is optimistic, hinting at a promising escalation in Bitcoin’s value in the upcoming months.
