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Steve Wozniak

Steve Wozniak

Apple’s Steve Wozniak Says Bitcoin has “Massive Value Creation”

Apple co-founder Steve Wozniak has spoken out about Bitcoin in a revelation that many would consider bullish in sentiment. Wozniak, in an interview with Bloomberg, has said of the coin that “we’ve seen massive value creation.”

He also puts most of the market volatility down to fear-mongering and psychology.

Apple’s Steve Wozniak

The co-founder of Apple has always spoken highly of the coin and once said it would become the world’s single currency.

The interviewer challenged him on this view asking him if he still had the same opinion considering “we’ve seen massive value destruction in Bitcoin.”

But to that question, Steve Wozniak remained as bullish as ever about Bitcoin by saying:

“I’m not sure I can buy that we’ve seen massive value destruction, I think we’ve seen massive value creation.”

Steve Wozniak and Bitcoin

The tech icon has owned Bitcoin in the past. In the interview, he elaborates on this saying that he only kept it to experiment with and to experience the coins development, not for profit or typical investment reasons. He explains how he sold it when the price got really high:

“I don’t want to be one of those people watching the price of Bitcoin, so I sold out.”

Blockchain

Although bullish on Bitcoin, Wozniak has been apprehensive about blockchain—the technology that underpins the digital asset—in the past. He has compared this industry as the next potential dot com bubble believing that many blockchain startups will inevitably over-promise and under-deliver as much as the computer industry did in the ’90s. At an event in New York in June last year, he said the following:

“A lot of the blockchain ideas that are really good by coming out early they can burn themselves out by not being prepared to be stable in the long run.”

On the ’90s hype over the growing computer industry, Steve Wozniak commented: “It was a bubble, and I feel that way about blockchain.”

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Ripple to the Rescue

And while there is some potential truth in Wozniak’s concern, blockchain companies such as Ripple have been laying the groundwork in recent months to make sure that exact problem doesn’t happen.

Ripple has invested millions of its own hard-cash into a program called the University Blockchain Research Initiative (UBRI). The UBRI is focused on developing the upcoming generation of blockchain developers, ensuring the talent is there to keep this industry alive and growing.

At present, it has 28 universities attached to its self-funded $50 million USD initiative.

Do you agree with Wozniak about Bitcoin? Is he right to be bullish on the coin? Should we be more wary of blockchain hype?

Let us know!

Featured image: DepositPhotos © toxawww

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Steve Wozniak Compares Blockchain to Dot-Com Bubble

Steve Wozniak is one of the biggest Bitcoin bulls out there. He has recently stated that he hopes Bitcoin will become the world’s global economy, siding with Twitter founder Jack Dorsey who has forecasted a similar occurrence for the coin:

I buy into what Jack Dorsey says, not that I necessarily believe it’s going to happen but because I want it to be that way, that is so pure thinking,” stated the Apple co-founder. Not only does he advocate for Bitcoin he has invested and sold some himself (and also got scammed by hackers too!)

And though, blockchain technology underpins Bitcoin and cryptocurrency in general, Wozniak has compared that hype to the dot-com Bubble warning that blockchain may be getting far ahead of itself in terms of capabilities. This feels slightly contrarian from one-half of the founders of the largest computer company in the world.

Wozniak Warns about Blockchain

Wozniak when speaking at the NEX conference in New York yesterday, told the conference that he still believe’s blockchain technology has the potential to change multiple industries — social media’s in particular — but he feels an issue is that many eager blockchain startups will inevitably over-promise and under-deliver: “a lot of the blockchain ideas that are really good by coming out early they can burn themselves out by not being prepared to be stable in the long run.”

This is very much a parallel between the development of the internet and the blockchain industry; hype and a snowball effect that may not deliver. In the late 90’s overly ambitious tech companies made far-reaching promises that caused the dot-com bust. If we are not careful blockchain could bring about similar results. 

Wozniak continued: “It was a bubble, and I feel that way about blockchain,” 

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Blockchain

Blockchain has evolved from its first primary use — recording transactions on a digital ledger without a third party needed to verify the transaction. Now it’s technology is spreading across all kinds of industry from technology to social media’s to banking. Major firms such as the Industrial and Commercial Bank of China (ICBC), Facebook, Walmart and Apple itself have confirmed they have invested into blockchain research to further develop their business. Of course, there are many more and that list is growing.

Steve Wozniak is a popular figure in the world of technology and his endorsement into Bitcoin and his own personal experiences with it make him a reliable voice for many. However, I don’t believe his concern over blockchain will stop any eager hot-headed business folk from jumping on the bandwagon.

Afterall, Wozniak survived the dot-com bubble himself, didn’t he?

And then some. 

Featured Image: DepositPhotos.com/toxawww

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