Apple Co-founder on why Bitcoin [BTC] will not replace money in the future

Recently, the CNBC Crypto Trader released a video where the Co-founder of Apple, Steve Wozniak opened up about his stance on Bitcoin. On being asked of his opinion on whether BTC will replace money in the future, he firmly answered with a “no” and backed it up with a succinct explanation. However, he also conveyed that he would be happy to see the cryptocurrency become a replacement for fiat for a number of positive reasons.

He explained that the fiat money is controlled by the governments. As a consequence, the governments do not want to give up on their power and control. Furthermore, they want to stay on top and possess and maintain their wealth. He also stated that in order to have a strong grip over all the currency, they want to create or borrow more and more dollars. He added:

“[…] And all of a sudden everybody’s deflated a bit. So that’s not true with something like Bitcoin. You can’t even change the supply. It’s one fixed limit number. I mean I love that kind of purity and I’m hoping for that so much in my life that we could get there.”

He countered that this cannot happen because he believes that the governments are going to step in, the moment BTC becomes big and significant. He cited:

“Well it’s kind of like they made it illegal to have gold but it’s gonna eventually kind of get limited once it’s significant and big enough.”

He also brought into notice that the authorities are looking into large wallet companies such as Coinbase to fetch the information they need to tax the users on the profits made. However, the tech leader believes that the cryptocurrency space is not in an immediate state of vulnerability in terms of the governments taking over.

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