Steve Wozniak, the co-founder of Apple, recently spoke about the cryptocurrency industry. Despite the overall success of the broader cryptocurrency sector, Wozniak does not seem impressed. In fact, he criticized the crypto market for launching new coins nearly every day.
However, when it comes to Bitcoin, he has words of praise.
Bitcoin is Pure Gold; Most Other Coins are Scams, says Wozniak
Wozniak, who is well known as a legendary computer programmer and electronics engineer, criticized the crypto industry for frequently pumping out new coins. He believes that most of these coins do not have a future and that the ease of creating them is allowing anyone to come up with one or more projects.
Furthermore, the fact that investors will invest in anything in the earliest stage due to the FOMO (Fear Of Missing Out) is undermining the value of cryptocurrency. Many coin projects even go so far as to make deals with celebrities, using them for publicity to feign trustworthiness.
Wozniak sees it as a way to collect money from naive investors, and believes most of these projects are scams and rug pulls that will never become successful.
After studying bitcoin for a while, however, Wozniak is quite impressed. He praised bitcoin for its “pure gold math,” as he called it. In fact, he believes that Bitcoin is so good that it might grow to become a threat to national governments.
Apple Co-Founder Advises Caution
Last year, Wozniak said that Bitcoin could end up being banned since it bypasses the scrutiny and taxation of governments. Wozniak believes that nations will not allow finance that they can’t control and freeze at a moment’s notice, and while they ignored Bitcoin for a long time, they might start paying attention if the growth of crypto adoption continues to increase.
Whether or not his fears will come to pass remains to be seen. However, millions of people are now investing in cryptocurrencies, with many purchasing Bitcoin itself while others pursue the altcoin market. Wozniak understands that investors are trying to find the next megacorporation among these new projects, seeking for ‘another Apple,’ as he calls it. While he did say that it is possible that a project like Apple might be lurking among all of the scams and pretenders, he still advises caution when investing.