Dogecoin may be a lighthearted joke, but it's no laughing matter when your money is involved. Jim Cramer – host of “Mad Money” on CNBC – recently claimed that Dogecoin is security eventually regulated. Is Doge A Security? Cramer issued a warning about the meme coin in a tweet on Thursday. Were the SEC to agree with his assessment, he suspects exchanges will come under fire for making money from newly “created” Dogecoin. “Please be careful with Dogecoin...It is a…
Apple co-founder Steve Wozniak is a believer in both Bitcoin and blockchain technology. In conversation with Yahoo Finance’s Brian Sozzi earlier today, he called the cryptocurrency “mathematical purity”. He then contrasted it with US dollars, which governments can “just borrow and borrow” and aren’t actually “fixed” in supply.
Purity and Decentralization
The programmer touched on Bitcoin and cryptocurrencies towards the end of his interview about his new YouTube show. The show – “Unicorn Hunters” – features entrepreneurs who pitch their businesses to wealthy investors searching for investment funds. During the interview, Sozzi asked whether Wozniak would consider investing in any crypto-related pitches on the show.
Wozniak responded by acknowledging that crypto has “an awful lot of use-cases” provided by blockchain technology. For one, he thinks it could be helpful to run elections.
The co-founder is especially passionate about Bitcoin’s format, which “cannot be modified” by one set of human hands.
“Look at our US dollars,” said Wozniak. “The government can just create new dollars and borrow, and borrow… it’s like you never have it fixed. Like, Bitcoin was the gold. Bitcoin is mathematics, mathematical purity. There can never be another Bitcoin created.”
Bitcoin is infamous for being immutable, decentralized, and artificially scarce. By the rules of the protocol, there can never be more than 21 million bitcoin generated. Contrarily, 40% of US dollars in existence were printed in the last 2 years alone. Jack Dorsey – CEO of Twitter and Square – has even shown worry that the US dollar is due for hyperinflation.
Wozniak also praised Bitcoin for having no clear leader or ruler. This sets it apart even from other cryptocurrencies like Ethereum, whose co-founder – Vitalik Buterin – still wields significant influence.
While stating that ‘crypto’ can be a payment tool, Wozniak did show slight concern about anonymity in the space.
“I think that everything you do in life, you should be able to stand up and say ‘this is me doing this transaction’. With crypto, it’s hard to trace back to who’s doing what. It’s possible, though.”
Therefore, the programmer concluded that if Bitcoin were to gain too much adoption, the US government would ban it. He said they would need a way to tax or control the currency, which didn’t remove the dollar’s power.
This doesn’t seem to be a likely reality in the near term, however. Federal Reserve chairman Jerome Powell has already confirmed he has no intention to ban cryptocurrencies. Even Vladimir Putin has shown openness to the asset class, affirming its “right to exist” earlier this month.