Apple Co-Founder Says Many Cryptocurrencies Are 'Rip-Offs' But Only One Is 'Pure Gold'

Photo by photo_ reflect on Unsplash

Apple Inc. (AAPL) co-founder Steve Wozniak has described Bitcoin (BITCOMP) as the only cryptocurrency that’s “pure-gold mathematics.”

What Happened?

Wozniak made the comments about Bitcoin in an interview with Business Insider, adding that many cryptocurrencies are untrustworthy and have a track record of being “rip-offs.”

“There are so many cryptocurrencies that come out now; everybody has a way to create a new one, and you have a celebrity star with it,” Business Insider quoted Wozniak as saying.

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

Why It Matters?

Wozniak has praised Bitcoin earlier too. In July 2021, he called it the “most amazing mathematical miracle” and said that the apex cryptocurrency was better than gold because of its verifiable digital 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 hindrance to large-scale adoption.

Wozniak had launched his own cryptocurrency called Efforce in December 2020.

Apple CEO Tim Cook disclosed in November last year that he personally owned cryptocurrencies, but the Cupertino-based company would not be investing in cryptocurrencies any time soon.

Price Action

Apple shares closed 1.8% lower in Friday’s regular trading session at $163.17 and further lost 0.1% in the after-hours session to $162.98.

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