Apple co-founder Wozniak sees a blockchain bubble

June 27, 2018
Chris Wheal

Blockchain has great potential but the hype surrounding the technology is akin to that of the internet boom in the naughties according to Apple co-founder, Steve Wozniak who was speaking at the NEX conference in New York.

Steve Wozniak in Moscow, Russia 23 April 2018 Source: Anton Gvozdikov / Shutterstock.com

In a CNBC article, Wozniak pointed to the blockchain technologies underpinning cryptos as having real implementation potential, and described them as “decentralised and totally trustworthy.” In drawing parallels between the dotcom era and the blockchain revolution, he noted that “a good portion of the companies promising to do life-changing things on the internet quickly went bust”.

Wozniak warned that “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.”

Better than gold

However, the tech icon has hailed bitcoin and blockchain in the past endorsing them both and notably describing bitcoin as better than gold and could be adopted as a global means of payment. While at the WeAreDevelopers World Congress in Vienna back in May he dubbed blockchain as  “the next major IT revolution that is about to happen.”

In June this year, at the Money20/20 conference Wozniak also reminded the cryptocurrency community that Bitcoin is more than its price and not to forget that payments are about people.

He said, “Bitcoin is mathematically defined, there is a certain quantity of Bitcoin, there’s a way it’s distributed… and it’s pure and there’s no human running, there’s no company running and it’s just… growing and growing… and surviving, that to me says something that is natural and nature is more important than all our human conventions.”

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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