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- Wozniak said that the finite supply of Bitcoin against the unknown Gold supply keeps the former in a position to overtake the latter in market value within a few years amid the mainstream adoption of digital assets.
- The Apple co-founder Wozniak has been tracking Bitcoin for a long time and thinks its success is based on pure-gold mathematics, although he remains skeptical of other crypto assets due to the influx of many coins that lack intrinsic value.
The mainstream adoption of Bitcoin (BTC) has put Gold proponents on notice amid high demand from institutional investors through the recent spot ETF frenzy. According to Apple Inc. co-founder Steve Wozniak, Bitcoin is likely to overtake Gold in the next few years as more investors believe in the vision of Satoshi Nakamoto.
Wozniak alluded that Bitcoin has introduced the solutions lacking in Gold, hence making a better store of value and means of payment. Moreover, Bitcoin price has outperformed Gold in the past few years by a significant margin, hence making the latter not a lucrative investment option.
Wozniak told CNBC that the fact that Bitcoin has a finite supply of 21 million while there is no sure way of knowing the exact amount of Gold mined or those to be mined, makes the former a better hedge against inflation than the other.
According to an estimate provided by the World Gold Council, there are approximately 209,000 tonnes of gold worth approximately $12 trillion that have been mined throughout history. Bitcoin, on the other hand, had a supply of about 19.52 million out of 21 million with a market capitalization of about $555 billion at a price of around $28.5k.Wozniak said:
There is a certain finite amount of bitcoin that can ever exist. Gold gets mined and mined and mined. Maybe there’s a finite amount of gold in the world, but cryptocurrency is even more mathematical and regulated and nobody can change mathematics.
Role of Bitcoin in Global Financial Shift
Amid the notable adoption of Bitcoin around the world, Wozniak has previously cautioned investors to approach the cryptocurrency slowly as anyone can create a token. Moreover, the lack of uniform global crypto regulation creates a stage for anyone to create a token just to raise money when the asset is worth small fractions of pennies.
Nonetheless, Wozniak highlighted that the fact that Bitcoin lacks a central organization body makes it a perfect investment asset that every investor should consider having on their portfolio.
Notably, Bitcoin has been adopted by countries whose economies have been hit by hyperinflation including Zimbabwe, Syria, Argentina, and Venezuela.
Furthermore, Bitcoin has an inflation of about 1.8 percent and is expected to drop by half during the halving event early next year and trigger the macro crypto bull run. Bitcoin and other digital assets have been used to seamlessly transfer aid to the affected people around the world including in the ongoing wars between Russia and Ukraine and Israel and Gaza.
