Apple co-founder Steve Wozniak has always been a big supporter of bitcoin. Wozniak who founded Apple with Steve Jobs saw their company grow to be the first $1 trillion-dollar company and subsequently the first company to hit a $3 trillion dollar valuation. The co-founder who had previously shown support for bitcoin has come out in support of the digital asset once again. But what does he have to say about other cryptocurrencies?
Cryptocurrencies Are Not TrustWorthy
The crypto market is now over a decade old now and there are thousands of cryptocurrencies currently in the space. Even with this high number of assets, there are more being created every day given how simplified the process of creating a token has become. This high rate at which new coins are coming into the market can be alarming, which the co-founder explained made them untrustworthy.
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Wozniak lamented this accelerated rate of new cryptocurrencies coming into the market in a new report from Business Insider. He alluded to this process as being a way for people to collect money from other people who are trying to get in on projects in their earliest stages.
“There’s so many cryptocurrencies that come out now; everybody has a way to create a new one, and you have a celebrity star with it,” the Apple co-founder said. “It seems like they’re just collecting a bunch of money from people who want to invest at the very earliest stage, when it’s worth pennies.”
Alternatively, Wozniak also sees the merits of some of the new cryptocurrencies coming into the market. Pointing to “Unicorn Hunters”, a show which Wozniak stars in with Lance Bass that invests in breakout ventures, the Apple co-founder explains how a cryptocurrency can have its merits.
Unicorn Hunters recently launched its token, Unicorn. It uses this cryptocurrency to provide holders with dividends and equity positions based on the portfolio of the startups that get funded on the show, functioning like a stock or an exchange-traded fund (ETF).
Wozniak lauded the move, explaining that “It’s really opening up the world of startup investment to the masses.” He however notes that Unicorn is a more conservative asset that is backed by actual investment decisions taken by professionals. Adding that a token without any backup is “flaky”, saying they can be worth zero.
High Praise For Bitcoin
Unlike the rest of the crypto market, one digital asset that the Apple co-founder has not wavered on has been bitcoin. Wozniak’s support was one more reinforced in the report as he explained that while there are other cryptocurrencies in the market that could be acceptable to an economically conservative strategy, bitcoin was the “only one that’s pure-gold mathematics”.
BTC on the decline after touching above $40K | Source: BTCUSD on TradingView.com
Wozniak has always praised the mathematics of bitcoin. Back in July 2021, he is quoted saying that “Bitcoin is the most amazing mathematical miracle.” He further added that although he did not invest in the digital asset, he did believe in its future.
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Furthermore, Wozniak has also been quoted saying that bitcoin is better than gold, attributing this to the limited supply of the coin.
Featured image from Mental Floss, chart from TradingView.com