Apple’s co-founder Steve Wozniak believes that bitcoin is a better investment than the old hot “Gold” and the famous US dollar. The Bitcoin Magazine reported, Wozniak made this claim at the Money 20/20 conference in Las Vegas. He explain that although Bitcoin is known for its price volatility it is still better than government backed currencies as it has fixed supply while fiat currencies can be easily diluted by increasing its supply.
“There is a certain finite amount of bitcoin that can ever exists” Wozniak says. That makes it more genuine and real than the dollar as it is phony since US government can issue more notes to manipulate the value of the currency for purely political reasons. He also mentioned that it is a great utility to keep as a store of value. He compared it to owning an appreciable asset such as house
“Your house has value. And if it is a house today, 40 years from now, it still is a house in value,” he said, even if the price increases over time.”
Investors have used Gold to store value of their money against the inflationary monetary policy. Wozniak cautions while there is a fixed supply of gold, continuously improving technology will enable miners to extract gold from earth with increased efficiency diluting the supply to some extent.
“Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”
There are some contradictors like Goldman Sachs who warned its clients that bitcoin is not the new gold because gold satisfies the characteristics of money better than the cryptocurrency does it.
Wozniak added that he initially didn’t understand how Bitcoin worked. He only got the mathematical part about the block-chain technology but since he thoroughly understands it, he is a major promotor of both block-chain technology and crypto-currency.