Bitcoin is better than gold

Bitcoin is better than gold

In an interview at Money 20/20 in Las Vegas, Apple co-founder Steve Wozniak gave his support for Bitcoin big time — going as far as to say the digital currency is better than gold. This significant vote of support comes during a historic bitcoin price rally, in which the digital currency has reached US $6000 per coin.

Wozniak made this declaration in an interview with CNBC technology reporter Deirdre Bosa during Money 20/20. The Apple co-founder pointed to Bitcoin’s scarcity as reason for his optimism about the technology.

Fiat gets printed endlessly, he said, and gold is a little better, but Bitcoin — and its 21 million coins limit — beats them both:

“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.”

Wozniak added that Bitcoin’s inflation-proof nature makes it a truly stable currency, since its value cannot be weakened artificially.

However, while Wozniak admires the currency, he said he does not follow it in a financial capacity. He loves Bitcoin because of its mathematical soundness, he said.

In addition to Bitcoin’s properties as a currency, Wozniak holds an interest in the underlying block-chain technology.

With a transparent and immutable record of transactions like the block-chain, he said, so many financial problems stemming from verification difficulties can be solved. He gave the mineral extraction industry as an example of an area of the economy that stands to benefit from the block-chain.

Combine the Bitcoin block-chain with other, related technologies — such as smart contracts — Wozniak said, and the benefits grow even more.

Wozniak’s interview with Bosa is not the first time he has expressed a love for the famous virtual money.

Last June, Wozniak said: “I remember getting interested in bitcoin some time ago. It was $70 for a bitcoin. Man, I went online and you had to have a special bank account at a certain bank and I couldn’t buy any bitcoin so I gave up. Eventually, I got some of them at the $700 stage and then it went down to $350. Oh my gosh. I didn’t invest, I did it so I could play with bitcoin. How do you buy things and how could you sell things? ”

Now, a few years later, Wozniak seems to be all in.

Steve Wozniak: Bitcoin Is Better Than Gold

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