Apple cofounder Steve Wozniak: Bitcoin is better than gold, a miracle of technology

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Wozniak called Bitcoin a “unique mathematical formula” and a “miracle of technology”. (Image: Reuters)

Apple co-founder Steve Wozniak is among a handful of global prominent voices backing Bitcoin and its future potential even as he himself is yet to invest in Bitcoin. Speaking at a technology event Talent Land Digital 2021 recently in Mexico, Wozniak called Bitcoin a “unique mathematical formula” and a “miracle of technology”. According to a local news portal El Sol de Mexico, Wozniak stated that Bitcoin is better than gold. “Gold is limited and you have to look for it; Bitcoin is the most amazing mathematical miracle. I do not invest in Bitcoin, but I believe in it for the future.”

Bitcoin is often regarded as digital gold for reasons more than the two being scarce and having finite supply. Bitcoin’s supply is limited to 21 million tokens. Moreover, the two don’t have a central authority such as a bank or a government to issue them and also have very liquid markets to be exchanged for fiat currency.

In December last year, Wozniak had launched his second company after Apple called Efforce, a blockchain-based enterprise in the energy efficiency space. According to a company statement, Efforce is a marketplace that enables companies to undertake energy efficiency measures at no cost so that they can invest their liquidity in more critical tasks. The company had also launched its own cryptocurrency called WOZX to securitize energy savings. Back in 2018, Wozniak had told CNBC he hopes Bitcoin will become the single global currency. He had said, “Bitcoin is mathematically defined, there is a certain quantity of bitcoin, there’s a way it’s distributed… and it’s pure and there’s no human running, there’s no company running and it’s just… growing and growing… and surviving, that to me says something that is natural and nature is more important than all our human conventions.”

Also read: Amid Bitcoin price plunge, majority institutional investors look to increase crypto exposure in two years

Apple is also possibly among a growing tribe of large corporates experimenting with cryptocurrencies. The iPhone maker in a job post titled “Business Development Manager – Alternative Payments” in May this year had hinted towards its interest in exploring the crypto buzz. The company’s payment vertical called Apple Wallets, Payments, and Commerce (WPC) was looking for a business development manager to lead its “Alternative Payments Partnerships”, having over five-year experience with alternative payment providers including cryptocurrency apart from digital wallets, buy now pay later programmes, etc., the job post had read.

In June this year, one of Mexico’s richest entrepreneurs Ricardo Salinas Pliego who owned one of the largest banks in the country – Banco Azteca had tweeted that he is working to make it the first bank in Mexico to accept Bitcoin. A big proponent of Bitcoin, Pliego had also tweeted that “#Bitcoin is the new gold, but too much more portable, transport #Bitcoin is so much easier than having your in pockets gold bars … and i know that I’m going to be attacked by gold lovers.”

The suggestions/recommendations around cryptocurrencies in this story are by the respective commentator. Financial Express Online does not bear any responsibility for their advice. Please consult your financial advisor before dealing/investing in cryptocurrencies.

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