Woz: Bitcoin Is a Math Miracle
Steve Wozniak, Apple co-founder: "Bitcoin is the most amazing mathematical miracle." He believes Bitcoin has a promising future but has preferred not to invest in cryptocurrency.
Woz values bitcoin for its finite issuance and for serving as a store of value.
He admitted that, although he is an advocate of cryptocurrency, he has no investments in it.
Steve Wozniak's opinions are among the most respected within the technological universe. The Apple co-founder referred to bitcoin this Thursday, July 8, by saying that it is mathematically pure and has qualities for safeguarding value. "Woz" participated in the recent edition of the virtual conference Jalisco Talent Land Digital 2021, in which he assured that bitcoin is cyber gold.
Wozniak defended bitcoin (BTC) over gold and the U.S. dollar during a meeting with the media. For the computer engineer, the most important cryptocurrency on the market could defy economic laws and have a promising future.
"Bitcoin is something that safeguards value; it could be better than gold because we keep finding more gold. Maybe we can make gold one day, but bitcoin is mathematically pure. We don't even know who created bitcoin. It is the most amazing mathematical miracle ever created."
Bitcoin finite supply
In his intervention, Wozniak was clear in saying that bitcoin already has an established issuance and that there will be no more BTC after the last cryptocurrency is issued. On this point, the panelist said that miners already mined more than 80% of bitcoins. Upon completion of the process in the future, there will be no new coins. Currently, miners produced 18.7 million BTC, out of a possible maximum of 21 million.
"One thing I like about bitcoin is that no one can come along and say, 'let's create more bitcoins," the speaker pointed out. In addition, he questioned the practice of some governments like his country's that do say "let's create more dollars," which influences the real value of the national currency and results in inflation.
The situation was illustrated by "Woz" by saying that someone can buy a car in the United States. He pays many more dollars for its acquisition and believes he has a more valuable vehicle in monetary terms, but "it's not like that, the more dollars, the worse it is," he said.
Another aspect that "Woz" stressed is that, although he believes bitcoin has a promising future, he is not an investor in the crypto-asset. That is, he does not hold positions in BTC either long term or short term. He admitted that he is bothered by the variations that cryptocurrency has. In 2017, Wozniak had disclosed the purchase of bitcoin, so we can assume that he sold his position.
Shitcoins and the advancement of blockchains
The 70-year-old former developer criticized some practices carried out by other cryptocurrency projects which, after the "success of bitcoin, what they seek is to promote a brand." Wozniak highlighted the hiring of celebrities from different disciplines to promote digital assets without considering their real innovation.
"They hire celebrities, they promote a brand with advertising to say they are better than bitcoin, but they are just cryptocurrencies that don't have any value," added the engineer, who also defended the so-called Distributed Ledger Technology (DLT) or blockchains.
According to Wozniak, there is a place in the world for blockchain networks which "will have a big impact." The strength he sees in blockchains is that, as they are immutable, no one could change the data stored in them. However, immutability is something achieved with decentralization. It is not an inherent property of this technology. Among the industries that could benefit are land registries. "Woz" also referred to the energy-focused blockchain project in Malta, which he has been a part of since 2019.
In the past, the Apple co-founder has also referred to bitcoin by comparing it to gold. In October 2017, news outlets broadcast statements by "Woz" in which he indicated that bitcoin "is even more mathematical and regulated and no one can change the math."