September 28, 2022

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Apple Co-founder Sounds The Alarm On Government Control Over Crypto

Steve Wozniak, a renowned tech personality, and co-founder of Apple is a huge proponent of...

Steve Wozniak, a renowned tech personality, and co-founder of Apple is a huge proponent of cryptocurrency. However, he is worried that governments will grow their control over them. Wozniak made his sentiments known during a Yahoo Finance interview. 

Wozniak Worried About Government Control Of Crypto

During the Yahoo Finance interview, the entrepreneur praised Jack Dorsey, the Twitter CEO for helping to trigger a conversion on the use of cryptocurrencies in business dealings. He added that the governments would never allow themselves to lose control of cryptocurrencies. 

He noted that if it got to the point where all transactions were done in crypto without government observation and taxation, governments would just ban it. According to Wozniak, “They wouldn’t give up their power.”

Despite this sentiment, Wozniak believes that cryptocurrencies will grow into a functional payment option. He said that he was in the camp that believed crypto would be effectively used in transactions. The Apple co-founder noted that today, there were numerous options to pay for things digitally or just transfer money to others. He stated that it all began with PayPal. Wozniak noted that today, there was Apple Cash, Apple Pay, Venmo, and others.

Why He Prefers Bitcoin To USD

During the interview, Wozniak explained why he likes Bitcoin to fiat currency. According to Wozniak, the supply cap of Bitcoin was a major draw. He pointed to the US dollar, where the government could mint new money out of thin air and borrow it. Wozniak added that Bitcoin was mathematics, and mathematics was purity. He noted that “There can never be another Bitcoin created.”

Beyond cryptocurrencies, Wozniak praised the potential that blockchains hold. For example, he said that blockchains could be used to secure voting in political contests. He noted that blockchains were a “very trustable format” that could be modified for various use cases.

Questioning The Benefit Of Crypto Anonymity

Wozniak questioned whether the anonymity offered by crypto compared to other digital payment options was a good thing. He said that he didn’t know whether it was a good thing for people to be able to make payments without anyone else knowing.

However, anonymity is not a major issue today. On the major platforms where crypto transactions happen, users have to undergo a rigorous KYC process. This process usually requires users to provide some identification to buy and sell crypto.

What Federal Authorities Think Of Crypto

US federal agencies have chosen a cautious approach to the crypto industries. Unlike other nations such as China and India, they have not moved to impose a blanket ban on crypto. Instead, each federal agency has tried to come up with rules for the sector. However, they all agree that there needs to be more oversight over the sector.

For instance, the chairman of the SEC, Gary Gensler, has advocated for increased oversight over the crypto sector on numerous occasions. During a Bloomberg interview back in August, Gensler said that digital currencies could only enter the mainstream financial world if there were clear rules in place. However, there is currently still no comprehensive federal law for the crypto industry in the US.

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