Apple co-founder says many cryptocurrencies are “scams”, but only one is “pure gold” – Bitcoin – US Dollar ($BTC)

0

Apple Inc. (NASDAQ: AAPL) co-founder Steve Wozniak described Bitcoin (CRYPTO: BTC) as the only cryptocurrency that is “pure gold math”.

What happened: Wozniak made the Bitcoin comments in a maintenance with Business Insider, adding that many cryptocurrencies are unreliable and have a history of “scams”.

“There are so many cryptocurrencies coming out now; everyone has a way to create a new one, and you have a famous star with it,” Wozniak said, as quoted by Business Insider.

The tech entrepreneur in the interview also suggested that people often buy cryptocurrencies just because they are blinded by the potential gains.

See also: How to buy Bitcoin (BTC)

Why is this important: Wozniak also praised Bitcoin earlier. In July 2021, he called it “the most amazing mathematical miracle” and said the top cryptocurrency was better than gold due to its verifiable numerical scarcity.

In an interview with Yahoo Finance in November last year, Wozniak said he expects the hard-to-trace nature of cryptocurrencies to be a potential barrier to widespread adoption.

Wozniak had launched his own cryptocurrency called vigor (CRYPTO: WOZX) in December 2020.

Apple CEO Tim Cook revealed in November last year that he personally owned cryptocurrencies, but the Cupertino-based company wouldn’t be investing in cryptocurrencies anytime soon.

Price action: Apple shares closed down 1.8% in Friday’s regular trading session at $163.17 and were down another 0.1% in the after-hours session at $162.98.

Bitcoin is down 3.6% in the past 24 hours, trading at $38,120.13 at press time.

Read next: Bitcoin, Ethereum, Dogecoin slide as Russian-Ukrainian conflict takes root – why investors need to prepare for a rollercoaster week

Share.

Comments are closed.