Apple co-founder Steve Wozniak still believes
Bitcoin is the only digital gold
although he has not yet invested in it. He aired his comments in a virtual event in Latin America, Talent land Digital 2021, the only event that deals with technology and innovation. Wozniak compared bitcoin as a miracle of technology and unique mathematical formula.
According to El Sol de Mexico’s Thursday report, Wozniak commented that bitcoin is better than gold as it is much easier to mine bitcoin than find and extract gold. He added that he has not invested in Bitcoin but believes it is here to stay.
Is Bitcoin digital gold?
Bitcoin has many times been compared to gold. Many analysts and critical people in the industry compare it to digital gold as it has some similarities with gold. Both bitcoin and gold have a limited supply and are used as a storage of value. Gold has a limit in store in that there is a fixed physical supply, and the extraction is a process. As for Bitcoin, it has a market cap of 21 million. That means that it is the maximum amount of Bitcoin that will ever be mined.
Apart from Wozniak, Mexico’s tycoon Ricardo Salinas Pliego also referred to Bitcoin as the new gold. He added that it is portable and hence transporting it is more convenient as compared to gold.
This is not the first time Apple’s co-founder compared Bitcoin to gold. He still did that back in 2018, saying Bitcoin is the only pure digital gold. His comment was in response to Twitter’s CEO, Jack Dorsey, who was arguing that Bitcoin may end up as the sole currency of the internet.
Do the comments hold?
For sure, there are influential people whose comments affect the market. For instance, the remarks of Elon Musk on Bitcoin affected the price to go down and that of Dogecoin to go up. Similarly, the comments of Wozniak and Dorsey may affect the price of Bitcoin.
The fact remains there are still many institutional investors and long-term investors who are holding onto their investments for a long-term play.