More On: Bitcoin
Senators and regulators explain why the $60 billion collapse of a major cryptocurrency is not the industry's Bear Stearns moment
Apple cofounder Steve Wozniak supports bitcoin but is skeptical of alternative cryptocurrencies and non-fungible tokens.
Wozniak recently told Business Insider that Bitcoin is the "only [cryptocurrency] that's pure-gold mathematics," complimenting the underlying technology and computations that support the most well-known cryptocurrency.
Wozniak has always been a supporter of cutting-edge technology, having co-founded Apple with the late Steve Jobs to bring in the era of personal computers. Indeed, during a tech conference this summer, Wozniak complimented Bitcoin's technological virtues, calling it "the most astounding mathematical marvel."
However, during the Insider interview, Wozniak stated that there may be numerous "ripoffs" among the flood of new crypto projects and NFTs, the overseers of which could be unscrupulous individuals.
"There are so many cryptocurrencies that are coming out today; everyone has a method to build a new one, and you have a celebrity star with it," Wozniak explained. "It appears that they're just taking money from those who want to invest at the very beginning, when it's worth pennies."
So, what makes Bitcoin unique in Wozniak's opinion?
What is it about Bitcoin's math that is pure gold?
Although he did not elaborate during the interview on why he is interested in Bitcoin's mathematics, he most likely appreciates that the calculations apparently help provide a technical explanation for Bitcoin's alleged stability in comparison to gold.
Bitcoin supporters have long referred to the cryptocurrency as a "store of value" equivalent to gold because, among other things, its underlying technology purportedly helps prevent counterfeiting and maintains a fixed quantity. In January, Goldman Sachs forecasted that Bitcoin would continue to eat into gold's market share, highlighting the currency's growing appeal.
Citadel CEO Ken Griffin said last week that he was mistaken about cryptocurrencies in general, having previously described them as a "jihadist appeal" against the US currency. The fact that the crypto industry's market value has hit "approximately $2 trillion in round numbers" proves that Griffin hasn't "been right on this call," he said in an interview with Bloomberg.
The Woz's crypto-adventures
Wozniak is also no stranger to cryptocurrency. For example, he is a judge on the Unicorn Hunters reality television show, in which fans can invest in firms competing in a Shark Tank-style competition. According to a statement, Unicorn Hunters executives unveiled the unicoin cryptocurrency in February, which was "intended to overcome excessive volatility, the major problem of traditional tokens, and to offer its holders security against inflation."
According to Wozniak, unicoin is "truly opening up the realm of startup investing to the masses," and he hopes it will be "extremely successful."
He compared unicoin with other cryptocurrencies, claiming that it is "truly based on the outcome of investments" rather than "simply based on words and talks."
He didn't say whether he was pleased by the underlying technology or mathematics of unicoin, as he was with Bitcoin.
Wozniak recently praised Bitcoin in an October interview with Yahoo News, mentioning the cryptocurrency's "mathematical purity."
"Bitcoin is not governed by a corporation," Wozniak told Yahoo News. "It's just pure mathematics." And I always prefer nature to humans."
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