Apple co founder Steve Wozniak

Steve Wozniak Sees Blockchain as “Bubble”, Still Loves BTC

Bitcoin, Blockchain, Ethereum, News

Apple co founder Steve WozniakSteve Wozniak is a big name in technology. He helped to found Apple computer with Steve Jobs. At the NEX conference, Wozniak was ready to share his ideas on blockchain and cryptos. While onstage, Steve Wozniak said that he thinks that blockchain could be a revolutionary technology. Although at the moment, the blockchain space reminds him of the tech bubble of the late 1990’s.

The idea that blockchain is in a bubble isn’t new. There are many new companies entering the space, and a lot of money has been raised by ICOs over the last two years. So far this year, almost USD 10 billion has been raised with ICOs. Many of the new companies that are gathering funds face an uncertain future.

New tech businesses are a risky sector. It is estimated that more than half of the companies that venture capital invests in go out of business within three years. Mr. Wozniak acknowledged this in his speech by saying, “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 Wozniak Loves BTC

Steve Wozniak is a great market timer. He sold all but one of his bitcoins last year during the peak of the market in December. Even though he sold his bitcoins, he still believes they are like digital gold. Ethereum also came up in his remarks. There are many aspects to Ethereum’s architecture that make him think it could be a durable technology.

At another conference earlier this year, Mr. Wozniak compared Ethereum’s platform to Apple. He also said that it could be just as influential as Apple in the future. Despite his overall enthusiasm for the crypto and blockchain space, he sees slower times ahead.

Bright Future

The late 1990’s saw huge amounts of money pour into internet stocks that went nowhere. Instead of creating shareholder value, they wasted their capital. This left many saying that the internet would never amount to anything. Clearly, this was incorrect. Now the internet is an indispensable part of global society.

Regardless of the potential that blockchain is in a bubble, many talented people are working on creating new platforms in the space. Companies like Coinbase are expanding into new markets. There is also a movement of executive level professionals out of established companies, and into blockchain-centric businesses.

Global corporations are working to integrate blockchain into their infrastructure. Companies like FedEx, The Port of Rotterdam, and Maersk are developing blockchain systems that will make logistical chains transparent. Blockchain integration may be in for some challenges, but overall it appears to be moving toward a wider role in the global infrastructure.

Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.

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