Blockchain Hype Signals A Bubble, Says Apple Co-Founder Steve Wozniak

Blockchain, News | July 2, 2018 By:

Steve Wozniak, who co-founded Apple with Steve Jobs in 1976, said blockchain technology has real potential but could take longer than expected to catch up to its early hype.

During the NEX technology conference in New York last week, Wozniak said that the hype around blockchain reminded him of the dot-com era, a period of extreme growth in the usage and adaptation of the Internet.

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

Wozniak said he sees long-term potential in ethereum because of its use case and ability for programmers to build their own related projects, as well as development efforts from companies like Microsoft and JP Morgan to unearth the DApp platform’s full potential. However, some critics have argued that the growing number of projects built on ethereum could overwhelm the network if it does not scale.

Wozniak also reiterated his faith in bitcoin, which he said is “just amazing” despite recent price declines. He bought bitcoin when it was $700, but recently sold most of his holdings after finding that he spent too much time watching price movements.

“All of the sudden it was way down, then way up in the sky,” Wozniak said. “I got scared, and sold everything but one bitcoin.” “I don’t want to become one of those people that watches it, watches it and cares about the number. I don’t want that kind of care in my life.”