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Steve Wozniak Backs Bitcoin but Calls Blockchain a “Bubble”

 

While delivering a speech at the Nex Technology Conference in New York, celebrated co-founder of Apple, Steve Wozniak referred to blockchain as a “bubble” akin to what occurred with the dotcom bubble at the turn of the millennium. He said that he had noticed close similarities between the currently hyped and growing blockchain industry, and that which occasioned the development of the internet. According to a CNBC report, Wozniak stated: “It was a bubble, and I feel that way about blockchain.”

 

Wozniak was also reported to have said that he is not upbeat about the potential of blockchain technology to make solid inroads into a myriad of industries and that he foresees a situation where many blockchain technology start-ups will promise so much but deliver way below expectation. He expressed excitement and hopes about the possibility of bitcoin becoming the world`s global currency someday.

 

Wosniak opined: “If you look now you say all that internet stuff happened, we got it, it just took a while.” He further stated: “It doesn’t change in a day, 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.”

 

Wozniak sees bitcoin as digital gold and ethereum as a stable and resilient platform that may eventually become the “next Apple.” He reportedly asserted earlier this month that “bitcoin is mathematically defined, there is a certain quantity of bitcoin, there’s a way it’s distributed… and it’s pure and there’s no human running, there’s no company running and it’s just… growing and growing… and surviving.” “That to me says something that is natural and nature is more important than all our human conventions,” he further noted.

 

The tech guru is reported to have made several investments in bitcoin and ethereum. His investments yielded much profit during the 2017 bull run. A few months later, his cryptocurrency holdings were purchased. When questioned about his decision to sell then, he made reference to his unbalanced focus on the price of bitcoin.

 

However, during the conference, Wozniak reportedly gave a new twist to the reason he sold his cryptocurrency holdings. “All of the sudden it was way down, then way up in the sky,” he said. “I got scared, and sold everything but one bitcoin.”

Having sold his coins and on occasion lost some to scammers, Wozniak has defiantly not lost his love for bitcoins. He is resolute in his conviction that bitcoin is “just amazing,” partly due to the fact that it is “totally decentralized” unlike several others.

 

It will be recalled that only days earlier I reported the launch of a blockchain-based money remittance service during which Jack Ma expressed his views about both blockchain technology and bitcoins. His views are actually the reverse of that which Wozniak expressed. Ma called bitcoin a “bubble” while he projected blockchain as the real deal, obviously two divergent views from two tech gurus. Who is right? Well, time will tell.

 

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