Table of Contents
- Bitcoin Is Unique
- Highlighting Decentralization
- Crypto As Payments
- Bitcoin Has Created A Huge Amount Of Value
Apple co-founder and “Unicorn Hunters” Circle of Money investor Steve Wozniak has firmly put his hat behind Bitcoin, as he described the cryptocurrency as “mathematical purity,” speaking during an interview with Yahoo Finance on Oct 29th.
Bitcoin Is Unique
During the interview, Wozniak stated,
“Look at the U.S. dollar; the government can just create new dollars and borrow; it’s like you never have it fixed, like Bitcoin. Bitcoin is mathematics, mathematical purity. There can never be another Bitcoin created.”
Wozniak drew parallels between Bitcoin and the U.S. monetary system. He stated that he felt the U.S. Dollar system felt artificial while also stating that he was a big fan of the match, science, logic, and computer programming that was embedded in Bitcoin.
“If there’s inflation, your house goes up 10x in 40 years, and you think you’re a smart investor; no, you have an old house. You used to have a new house, but the government says 90% of its value is earnings, and we’re going to tax it. The government makes all of its taxes off inflation.”
Wozniak also highlighted the high level of decentralization behind Bitcoin, stating that a single entity does not control Bitcoin, allowing the cryptocurrency to maintain a certain level of predictability that is difficult for the U.S. Dollar to achieve as regulators can craft rules and create new currency bills on a whim.
“Bitcoin doesn’t even have a creator that we know of; it isn’t run by some company, it’s just mathematically pure, and I believe nature over humans always.”
However, Wozniak also highlighted some of the misunderstandings regarding Bitcoin and its privacy aspect. He did not see anonymity as a good thing, stating that individuals should be able to say they had done a particular transaction while questioning the need for so much privacy.
Crypto As Payments
Wozniak also revealed that he is a firm believer in the use of crypto as payments, with the use of cryptocurrencies as payments increasing significantly, despite the volatility associated with them.
“Yes, I am in that camp that crypto will be used effectively. We just have so much digital ways to pay for things now, even to transfer money to people. It goes back to PayPal, and now we have Apple Pay and Apple Cash. We have Venmo. So crypto has just a bit of anonymity. I don’t know if that’s right that, gosh I can do things without people knowing. It’s hard to trace back.”
Bitcoin Has Created A Huge Amount Of Value
Apple co-founder Steve Wozniak also believes that Bitcoin has created a considerable amount of value. Wozniak stated this in response to a question asked by Yousef Gamal El-Din from Bloomberg, who had asked about the massive value destruction of Bitcoin and whether he still saw Bitcoin as a workable model. To this, Wozniak countered, stating that Bitcoin had done the opposite and created significant value.
I’m not sure I can buy that we’ve seen massive value destruction. I think we’ve seen massive value creation.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.