Steve Wozniak Says Bitcoin Is Amazing And Blockchain Is A Bubble

Matt Jackson

June 28, 2018

Apple co-founder, Steve Wozniak, has said that he still hopes that Bitcoin can become a single global currency, but has also said that he sees very clear similarities between the dotcom bubble and the current state of the blockchain market. He warned that blockchain has the potential to disrupt a lot of industries but that there is the very real possibility that a lot of new blockchain companies will be guilty of over-promising and under-delivering.

Wozniak has been one of Bitcoin’s most vociferous voices in recent months, saying that he believes it can become a global, single currency, and has also pointed out the ways and industries in which he believes that blockchain can be highly disruptive. In June, he told CNBC that he agreed with Twitter founder Jack Dorsey’s opinion that Bitcoin will become the world’s single biggest currency, although he also suggested that his opinion was biased because he wanted Bitcoin to succeed.

Wozniak is almost certainly hoping for an end to the current bear market and a return to last year’s incredible gains. He has said that he bought the digital currency when it was $700. Assuming that he didn’t sell at Bitcoin’s peak of around $20,000, he will be hoping for new all time highs in the coming years. With a net worth of around $100 million, the inventor certainly has the funds to hold a large volume of the currency.

He has said that he believes that blockchain can be incredibly disruptive to a lot of industries, and especially highlighted social media as one of those industries, although there was no suggestion that he had anything planned.

He did caution that the blockchain industry looked very similar to that of the dotcom market during its bubble, especially the hype surrounding the technology. His words of caution about companies over-delivering is likely to ring true with a lot of developers, as new projects are announced on a near daily basis. There are currently nearly 2,000 currencies, and even more ICOs, while reports suggest that around half of last year’s ICOs have already failed.

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