Apple Co-Founder Steve Wozniak: “Blockchain is a Bubble, Bitcoin is Just Amazing”

Steve Wozniak, who rose to fame as the co-founder of Apple, recently spoke at the NEX technology conference in New York. While speaking about the dotcom era and its hype around the time it originated, he referred to the circumstances as “a bubble, and I feel that way about blockchain.” His statement comes from the way that many companies did not fulfill the promises they made at that time.

He noted that there could be a use for distributed ledger technology, but like the internet, it could take a while to live up to its potential.

“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 particularly favors bitcoin and ethereum, the former as digital gold, the latter as a robust platform that could be the “next Apple.” He said earlier this month.

“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.”

The “Woz” invested in both assets early on, accruing significant profits during last year’s bull run. However, he sold most of his cryptocurrency holdings months ago. At the time, he said it was because he found himself focusing too much on the price, but in this speech, he gave a slightly different explanation.

On June 26^th, Wozniak suggested that blockchain could be integrated to develop a social network that can overtake Facebook, due to the way its monopolized the industry

Also Read: Apple Co-founder Wozniak Wants Bitcoin to Become the World’s Single Currency

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