“Gold is limited and you have to look for it; Bitcoin is the most amazing mathematical miracle. I do not invest in Bitcoin, but I believe in it for the future.”
Steve Wozniak and Crypto Trading
Despite his strong advocacy for Bitcoin and cryptocurrencies, ‘Woz’ said he does not invest in them. This appears to contradict his comments years ago when he said that he bought Bitcoin at $700 and sold at $6700. He had sold all but one Bitcoin and two ETH. He later clarified that he only bought them to test run the technology and not for investment. The American engineer’s admiration for Bitcoin goes as far back as 2018 when he tipped Bitcoin to become a global currency. He told CNBC:
“Bitcoin is mathematically defined, there is a certain quantity of Bitcoin, there’s a way it’s distributed… and it’s pure and there’s no human running, there’s no company running and it’s just… growing and growing… and surviving, that to me says something that is natural and nature is more important than all our human conventions,”
Three years down the line, Bitcoin’s utility, price and popularity has risen stratospherically with institutional investors delving into the market. Tech behemoths such as Microstrategy and Tesla emerged as frontrunners after adopting Bitcoin as a primary reserve asset. Under the leadership of Bitcoin bull Michael Saylor, Microstrategy became the largest institutional holder of Bitcoin. The business intelligence firm completed a purchase of additional 13,008 BTC (worth $489 million at the time) thus taking its total holdings above 100,000 BTC (worth more than $3 billion). Tesla toed the line in February when it bought $1.5 billion worth of BTC, adding that it will start accepting Bitcoin payments for its vehicles; a decision which it later rescinded.
Bitcoin and Gold
The massive influx of retail and institutional investors into the cryptocurrency space intensified the agelong argument on which is a better store of value between Bitcoin and gold. While gold bugs like Peter Schiff have relentlessly spearheaded the argument in support of the precious metal, Wozniak is one of those who believe that the digital asset trumps gold in all ramifications.
Bitcoin reached an all-time high of $64,863 on April 14 after a five-month long bull run which also saw major altcoins record double digit percentage gains. While the frenzy may have fizzled out, the bull run provided a net positive return for the industry. NFT and DeFi markets hit the roof, total cryptocurrency market capitalization surpassed $2 trillion, amongst many other milestone achievements.
Few will argue against the fact that significant growth has been recorded in the quest for mainstream adoption, but there remains an uphill task – creating an ecofriendly means of mining Bitcoin.