Why Apple’s Cofounder Says Bitcoin Is Better Than Gold

Bitcoin is better than gold.

That’s what Apple cofounder Steve Wozniak thinks.

When I first heard this, I dismissed it as nonsense. After all, gold has been the standard for wealth preservation for millennia. And when something withstands the test of time, I tend to think it will continue to do so.

But I couldn’t stop thinking about what Wozniak said. Is there some merit behind it?

“The Woz,” as people call him, is a smart guy. He’s correctly predicted where technology was headed his whole life.

His most notable achievement was co-founding Apple. And he was the mastermind behind its first products.

He designed the hardware and operating system for the Apple I and Apple II computers.

While co-creating Apple doesn’t make Wozniak an expert on money or gold, he’s a smart guy. He’s also a very wealthy guy… with a net worth north of $100 million.

And the important thing to understand is that lots of smart, wealthy guys just like him—people like billionaire investor Mark Cuban, early Facebook investor and part owner of the Golden State Warriors Chamath Palihapitiya, and venture capitalist and creator of Netscape Marc Andreesen—are turning to bitcoin.

Wozniak first got into bitcoin at $700. At today’s prices, he’s up about 900%.

And if he’s right about what he said… that bitcoin is a better store of wealth than gold… we’re going to see more gains ahead.

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The Woz’s Bold Prediction

Very few people have been able to see the future more clearly than Wozniak. He’s been on the right side of technological developments his whole life.

But is bitcoin better than gold?

Here at the Palm Beach Research Group, we like both. It’s important to note that Wozniak isn’t known for outlandish predictions. He’s a calculated man. So, keep an open mind here…

First, the supply of bitcoin is known at all times.

Bitcoin’s supply is finite. No new technology will be able to inflate it. As Wozniak says, cryptocurrencies are mathematically regulated… And nobody can change mathematics.

And that’s the main reason Wozniak believes bitcoin will ultimately become a better standard of financial value than gold. Gold’s supply is not only unknown, but it could increase with technological improvements or central bank manipulation.

With a truly fixed supply, the only way the price goes down is if demand goes down. And we don’t see that happening.

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Bitcoin Is as Volatile as Gold Was

Some of you may be wondering how bitcoin can be a store of value when it’s so volatile.

We have seen massive swings in the price of bitcoin. I’m not going to deny that. But we also saw massive swings in the price of gold back in the ’70s.

When Nixon took the dollar off the gold standard in 1971, the yellow metal had some bitcoin-like volatility. It wasn’t uncommon to see the price of gold fluctuate more than 10% a day.

That didn’t stop people from proclaiming gold as the best way to protect wealth.

You might not agree with Wozniak. I can hear objections already… “I want something physical,” “I want to hold onto my wealth,” “Gold has been a store of value for millennia.”

I’m right there with you—I like gold. But that doesn’t matter. .

What does matter is that some smart people like Wozniak will use bitcoin as a store of wealth.

As people start doing this, the demand for bitcoin will increase. And prices will follow. Make sure you own some bitcoin to take advantage of this new trend.

Famed analyst Tom Lee of FundStrat says that if bitcoin can capture just 5% of the gold market, it’ll push bitcoin over $25,000.

That’s why I own some of both. I still have my gold position, and I’m holding onto it. But I’m also putting some of my wealth in bitcoin.

And that’s the prudent thing to do. You should never have a large percentage of your wealth in one asset. And gold is no exception.

The world is changing faster and faster… And eventually something could displace gold as the primary store of wealth. That’s a possibility everyone should be aware of.

The Woz thinks bitcoin will do that. And his vision of the future has been spot-on…

That’s reason enough to buy some.

Regards,

Nick Rokke, CFA
Analyst, The Palm Beach Daily

Biotech Pulls Back

This is the pullback we’ve been waiting for in biotech.

It’s a sector that we’ve followed closely this year. Biotech stocks are on sale right now and the industry is becoming more unregulated. That’s a combo that will make biotech investors rich.

You can read more about biotech’s profit potential here, here, and here.

Now we have the perfect entry point. The iShares Nasdaq Biotech Fund (IBB) recently pulled back to its yearlong uptrend support line. And it’s bouncing.

If you haven’t gotten into the biotech trade, now’s a good time.

March 2, 2000 started like any other day…

But when master trader Jeff Clark walked into his office, he saw that the stock market had turned against him. He was on the verge of losing $1 million.

Here’s what he did next.