July 9, 2021, | AtoZ Markets- Apple co-founder, Steven Woznciak, recently said that “Bitcoin is the only digital gold”, but he claims that he still hasn’t invested in BTC.
Woznicak is a strong believer of Bitcoin, and called it the “only digital gold,” and referred to Bitcoin as a “miracle of technology” and a “unique mathematical formula”.
All of these words were mentioned by the technology entrepreneur at the conference “Talent Land Digital 2021“, a major virtual event in Latin America dedicated to technology and innovation.
Wozniak provided similar comments on Bitcoin previously, claiming that “only Bitcoin is pure digital gold” in June 2018.
The tech guru noted that he bought into comments from Twitter CEO Jack Dorsey who has repeatedly argued that Bitcoin will emerge as the single currency of the internet.
Why Is Bitcoin Called Digital Gold?
We should not forget that Bitcoin’s value lies solely in the trust that its investors place in it. However, an important quality of the cryptocurrency is that its supply is limited. For this reason, it is similar to gold, and is considered a digital gold, but obviously without an industrial use.
According to Thursday a report by local news agency El Sol de México, the Apple co-founder has also indicated that Bitcoin is better than gold, implying that it’s easier to mine Bitcoin blocks than finding and extracting gold:
“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 it’s here to stay.”
As mentioned by Cointelegraph, Wozniak’s remarks come shortly after Ricardo Salinas Pliego, the third-richest man in Mexico, declared that it’s “absolutely right” to refer to Bitcoin as the new gold.
“That’s totally right, Bitcoin is the new gold, but much more portable, transporting Bitcoin is so much easier than having gold bars in your pockets,” the billionaire businessman said.
The Struggle Between Gold and Bitcoin
Gold’s position as the most important asset in the world economy has been questioned in recent years. While it is true that it was originally used to back many currencies, including the US dollar, it is currently poorly adapted to the modern economic system.
In terms of numbers, at its peak in early January, Bitcoin was estimated to be worth between 2% and 7% of the market capitalization of gold.
However, while we all agree that digital currencies had a strong jump in ten years, they are still relatively insignificant to many gold investors.
Some traders believe that there is still a lot of space for Bitcoin to grow, but most do not agree with this statement. A strong group points out the wide differences that would guarantee in the long term the dominance of gold as a store of value.
So, who do you think is right?