Bitcoin vs. Gold Debate Reignited by Tech Genius
Apple co-founder and engineer Steve “Woz” Wozniak is famous for building the tech giant’s original computer. Therefore, it’s not so surprising that he knows a thing or two about digital money. That is why when Woz has something to say about bitcoin, or any other cryptocurrency for that matter, people listen up.
At a recent Talent Land event in Jalisco, Mexico, Wozniak was the main speaker. According to local reports, he brought bitcoin into the discussion. Woz reportedly touted bitcoin, saying that it is a better asset to own than precious metal gold.
Bitcoin and gold have become rival store-of-value assets, with the flagship cryptocurrency having captured some institutional investor share from the precious metal recently. While gold has more history and an USD 11 trillion market cap compared to bitcoin’s roughly USD 615 billion, the digital nature of the leading cryptocurrency makes it much easier to use in transactions.
Woz Not Stacking Sats
As much as Woz likes bitcoin, he is not stacking sats. El Sol de Mexico cites Woz as saying,
“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.”
He made the remarks before other entrepreneurs and government officials who gathered to discuss tech innovation.
One gold bug who would likely beg to differ is Peter Schiff, a staunch bitcoin critic who is at the helm of Euro Pacific Capital. He has used bitcoin’s inherent volatility as his chief argument against the digital asset, which has played out in the BTC price in recent months. Schiff bashes bitcoin as a safe-haven asset that can protect investors against inflation given that the price can plummet 85% “at any moment.”
Something that Schiff fails to mention, however, is that while the gold price has had every opportunity to shine in 2021 as inflation has seemingly reared its head, the precious metal is actually down about 6% year-to-date (YTD). Precious metals have lagged other commodities as the USD has strengthened.
The bitcoin price, meanwhile, is up 11% YTD. The flagship cryptocurrency has also shaved about 50% off its value since its all-time high of more than USD 64K.