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Bitcoin is better than gold: Wozniak's statement is consistent

In the latter part of 2017, Apple co-founder Steve Wozniak announced that he believed that Bitcoin was a better value standard than gold and the US dollar.

In the months that followed, Bitcoin rose to new highs, making it a better short-term investment option than gold.

However, the rally, despite its intensity, caused a vertical drop for investors earlier this year when prices fell. Despite this volatility, which is often inappropriate for the demand for currency standardization, Bitcoin has managed to stay strong amid wavering expectations on its chart.

Wozniak's claim

In an interview with CNBC's Deirdre Bosa at the Money 20/20 event in Las Vegas last year, Steve Wozniak brought up the case of Bitcoin. The difference, he said, lies in the way the supply of bitcoins was limited, in contrast to gold, which could be "mined, mined and mined," he said.

"There may be a finite amount of gold in the world," Wozniak explained, "but cryptocurrency is more mathematical and organized and no one can change the mathematics." He went on to compare the stability of Bitcoin to home ownership. And if it's a house today, 40 years from now, it's still a house of value even if the price goes up and the government takes more taxes from it, ”said the former Apple chief engineer, whose interest in cryptocurrencies started out just for fun.

Evidence of claims

The days of gold continuing to shine amid turmoil in the stock markets and macroeconomics are over.

He considered that its price is not yet affected by the way it pulls the strings of politics and the social economy. A strength has been seen in the inherent value of gold, but now it seems that Bitcoin has replaced it.

In the last week of February this year, when gold and the stock market faltered due to concerns about the direction of interest rates and world trade, the “popular currency” gained strength.

While SDPR Gold Trust and SDPR S&P 500 clearly lost in both the 5-day and 30-day period, Bitcoin's growth only increased.

The reason is due to another strength that Bitcoin has over traditional forms of investment.

Smaller chains, more success

Compared to gold, Bitcoin still has fewer chains attached to it. While gold can be heavily influenced by government policies, Bitcoin operates under one factor: people's trust. No other market force has shown a more ineffective effect on the price of Bitcoin than the trust people have placed in it.

Another positive trend for Bitcoin is its response to regulations imposed on the cryptocurrency market. Recently, when the SEC decided to crack down on fraud in the cryptocurrency market, Bitcoin reacted positively. The ICO campaign paved the way for more legitimacy for actual potential digital currencies.

Bitcoin, being at the peak of this legitimacy, had to show a positive trend, and it did.