Apple co-founder, Steve ‘Woz’ Wozniak, stated at Money20/20 in Las Vegas that he believes cryptocurrencies like bitcoin are better than the U.S. dollar and gold.
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Wozniak commented that a big positive for him is the fact that bitcoin has a fixed supply at 21 million coins.
“There is a certain finite amount of bitcoin that can ever exist,” Wozniak said in explaining that the Federal Reserve will print more dollars for any reason they deem necessary.
He defined the U.S. dollar as “kind of phony”, whereas he labeled bitcoin as “genuine and real.”
Wozniak continued that gold doesn’t have a fixed supply.
“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,” said Wozniak.
Wozniak has commented on the cryptocurrency in the past and said that he “admired” bitcoin when it was first obtainable.
When asked about blockchain technology, Wozniak admitted that initially he didn’t have a clear understanding of the technology but now he does.
“They are applying the technology where all the payment can only go to the good, legitimate sources that don’t have conflict minerals,” he added.
Wozniak also believes that blockchain technology will have a significant impact on allowing people to track things transparently, such as minerals.
“Right now, there is conflict with minerals in the world, and you don’t want to buy conflict minerals. Well, how do you avoid it?” He went on to explain how businesses will typically purchase gold from several nations and smelt it. Thus, it’s impossible to know where it is coming from. With blockchain technology, tracing where that gold comes from is now imaginable.
ABOUT “The Woz”
Steven Wozniak, often referred to as “The Woz,” founded Apple Inc with Steve Jobs. Wozniak designed the Apple I and Apple II computers. Wozniak left Apple in the 1980s, but still owns Apple stock. He has founded several other Silicon Valley companies.