Steve Wozniak Of Apple Called the Current Blockchain Hype A Bubble

Apple Co-founder Steve Wozniak Says the Hype Around Blockchain Signals A Bubble

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  • Steve Wozniak called the Blockchain hype a Bubble similar to that seen in the dotcom era.
  • He stated that it could take longer for blockchain to catch up with the current hype despite its potentials.

While speaking on Tuesday 26th June in New York at the NEX technology conference, Steve Wozniak, who co-founded Apple Inc. with Steve Jobs, stated that the current Blockchain hype simulates what happened during the dotcom era, with firms adopting the technology at a rapid rate.

Steve Wozniak, notable for his bullish disposition towards Bitcoin, stated at the conference that:

“[the dotcom era] was a bubble, and I feel that way about blockchain.”

He reminded that most of the firms that promised to transform lives with the internet were quickly busted. He added that though the blockchain technology offers real potential due to its decentralized and trustworthy nature, the technology might take more time to catch up with its early hype just like the dotcom era.

According to Wozniak:

“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.”

Blockchain was first used to back Bitcoin – the first digital currency. But nowadays, Blockchain has been applied to a number of other apps. On Blockchain, transactions are stored on a public, distributed ledger. This discourages the need for a third party and encourages a more secure and faster transaction.

However, Wozniak declared that there is a possibility that Ethereum would outlive the hype because Ethereum offers programmers the platform and ability to build their own related projects. Presently, Microsoft, JPMorgan among other companies have developed uses for the Ethereum blockchain.

Wozniak called Bitcoin the “digital gold”, and still maintain that the cryptocurrency is “just amazing,” despite having dropped by nothing less than 50% this year.

Late last year, Wozniak sold all his bitcoin but 1 when the price of Bitcoin was rising towards its all-time high of $20,000. He said:

“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.”

Do you agree with Steve Wozniak that Blockchain needs more time to match up with its current hype? Tell us in the comment box below.

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