When Apple’s Steve Wozniak Called Blockchain a ‘Bubble’

When Apple’s Steve Wozniak Called Blockchain a ‘Bubble’

Apple co-founder Steve Wozniak 1 said that blockchain is a bubble similar to that of the dotcom era, but that it could have potential in the future, CNBC reported yesterday, June 26.
During the NEX technology conference in New York, Wozniak said that the dotcom era created a similar kind of hype around companies that did not end up delivering on their promises:

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“It was a bubble, and I feel that way about blockchain.”

However, Wozniak did add that blockchain is “decentralized and totally trustworthy,” noting that it just may “take a while” for its potential to fully come to fruition:

“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 had expressed similar sentiments about the future potential for both blockchain and cryptocurrencies last month.
CNBC notes that Wozniak singled out Ethereum (ETH) as one cryptocurrency that could last in the long term, due to its versatility in allowing developers to build on its blockchain. In mid-May at a conference in Vienna, Wozniak had also compared Ethereum’s platform to Apple’s platform, stating that it could become just as influential as Apple in the future.

According to CNBC, Wozniak yesterday mentioned the possibility of using blockchain for a social network competitor to Facebook, which he said was currently working as a monopoly in the sector.
Wozniak, who had referred to Bitcoin (BTC) as “pure digital gold” earlier this month, noted that Bitcoin is still "just amazing” to CNBC.

After in the World Congress 2018 in Vienna, Austria.

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Apple’s co-founder Steve "Woz" Wozniak was commented positively about cryptocurrencies and blockchain technology in his opening speech at the WeAreDevelopers.
Wozniak explained his positive outlook on blockchain by the fact that there are many useful applications for the technology in a number of areas.
The blockchain and cryptocurrencies will achieve their full potential in a decade, according to Wozniak. Apple’s co-founder quoted CEO of Twitter Jack Dorsey, who had said in March that Bitcoin will become the world’s “single currency.”
This is not the first time that Steve Wozniak has made positive comments about cryptocurrencies and blockchain. At the "Money 20/20" conference in Las Vegas, back in October last year, he saidthat Bitcoin is better than gold and the US dollar.
According to Wozniak, Bitcoin’s big advantage is that there is only a limited amount of coins, while fiat money, like the US dollar or euro, can simply be printed by banks.
Nonetheless, Wozniak sold all his bitcoins except one, as he said at the WeAreDevelopers Conference in Vienna, because “[he] does not want to be an investor and constantly watch the prices.”

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