Blockchain is a bubble: Co-Founder of Apple

Avatar Written by Muniza Imran ·  1 min read >

Co-Founder of Apple, Steve Wozniak believes, blockchain is a bubble. In an interview with CNBC, he stated that Bitcoin might have a reputable position in the future, blockchain still seems too good to last long.

During the NEX technology conference in New York, he talked about the dot-com era (a period of extreme growth in the usage and adaptation of the Internet which lasted from 1997 to 2001). It created a huge buzz around big companies but could not pay off the promises it made to its investors and ended badly, causing a lot of damage to big websites such as Amazon, eBay, etc. The same could be said for blockchain. He reminded the audience that “a good portion of the companies promising to do life-changing things on the internet quickly went bust.”

Wozniak continued to speak in favor of the technology and said that it is “decentralized and totally trustworthy” but it might take longer than expected to reach its ultimate success. He stated:

“If you look now you say all that internet stuff happened, we got it, it just took a while. 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.”

Steve had been a big fan of Bitcoin when it was first launched. The hatred began in early 2018, when he lost more than $75,000 worth of Bitcoins. Wozniak, without mentioning the time when he bought or tried to sell those Bitcoins, claimed that he had lost seven Bitcoins at a time, which were then worth around $10,770 each, making it a total of over $75,000.