Bitcoin is mathematical purity and impossible to be copied, said Apple co-founder and ‘Unicorn Hunters’ Circle of Money Investor, Steve Wozniak, in an interview with Yahoo Finance on October 29.
“Look at the U.S. dollar, the government can just create new dollars and borrow; it’s like you never have it fixed, like Bitcoin,” Wozniak told Brian Sozzi and Julie Hyman. “Bitcoin is mathematics, mathematical purity. There can never be another Bitcoin created.”
The entrepreneur drew parallels between the U.S. monetary system and the electronic peer-to-peer monetary network. Whereas the U.S. dollar seems “artificial” to Wozniak, he enjoys the “science, math, logic, and computer programming” embedded in Bitcoin.
“If there’s inflation, your house goes up 10x in 40 years and you think you’re a smart investor; no, you have an old house,” Wozniak articulated. “You used to have a new house, but the government says 90% of its value is earnings and we’re going to tax it. The government makes all of its taxes off inflation.”
The programmer behind the first Apple computer also highlighted how Bitcoin is not controlled by one single entity and thus can retain a level of predictability that is hard to attain with the U.S. dollar, as regulators can create new paper bills on a whim.
“Bitcoin doesn’t even have a creator that we know of, it isn’t run by some company, it’s just mathematically pure, and I believe nature over humans always,” he added.
However, Wozniak also showcased some misunderstandings about Bitcoin and the human right to privacy. The co-founder of Apple said Bitcoin and some cryptocurrencies have “a little bit of anonymity,” which he doesn’t see as a good thing. “You should be able to stand up and say I did this transaction,” he said, questioning the need for privacy.
In this regard, Wozniak’s remarks are short-sighted and showcase a deep level of privilege. As a financially-privileged white male in the U.S. who can enjoy a high degree of freedom, he fails to acknowledge the 4.3 billion people living under authoritarian regimes worldwide — for whom “standing up” could bring dire consequences.
Wozniak also doesn’t realize the incentives lined up by Bitcoin to incentivize everyone to adopt it and the fact that Bitcoin cannot effectively be banned.