Apple Co-Founder Wozniak is Optimistic About the Future of Bitcoin

Woz’s Statements on Bitcoin

Steve Wozniak is well-regarded within the world of technology due to his co-founding of Apple and success in other areas of the industry. As such, many people have turned to Wozniak to see what he thinks about Bitcoin and blockchain technology in general. Recent statements from “Woz” show an optimistic view on the future of both blockchain and Bitcoin.

Back in June, Wozniak talked to CNBC and explained one of the reasons he likes Bitcoin. He pointed out that Bitcoin “is mathematically defined,” and he has a strong belief in math, science, and purity for defining the world. Wozniak also appreciates the purity of Bitcoin since no single company or person is in charge. When asked about the possibility of Bitcoin as a global currency, Wozniak agreed with Jack Dorsey, the founder of Twitter and CEO of Square, that this has the potential to be the first global currency.

Even so, Wozniak does not have significant Bitcoin investments. He had tried to buy it when one BTC was still about $70 but did not manage to do so until it already reached $700. He lost some Bitcoin to fraud, and once the prices skyrocketed, he sold all but a single Bitcoin. This comes down to Wozniak believing in the technology of Bitcoin but not describing himself as an investor.

Steve Wozniak
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Image credit: Gage Skidmore/Flickr

His Opinion on the Blockchain

Due to his technical knowledge, Wozniak is clear on the differences between Bitcoin and the blockchain and the fact that the success of one does not necessarily equal the success of the other.

In June, he referred to blockchain as a bubble during the NEX technology conference. In this way, he compared it to the internet’s development, including the hype cycle. He went on to draw out more comparisons between the internet and blockchain technology. Wozniak feels that just as the internet arrived but it took a while for everything to get there, this will likely happen with the blockchain.

He cautioned that many of the good ideas for blockchain technology might not be prepared for the long haul and will burn themselves out. Essentially, he feels that many of the blockchain startups have great ideas but will underdeliver. Eventually, blockchain adoption will come, changing many industries.

Predictions for Blockchain Adoption

Wozniak also uses a comparison with the advent of the internet as a predictor as to how long it will take for blockchain technology to have widespread traction. When asked to give a timeline, he pointed out that from the dotcom bubble to today, when we have reached many of the goals and dreams of that time, about ten to fifteen years elapsed.

Based on that, Wozniak predicts we will need another ten to fifteen years for widespread adoption of the blockchain. He says this is, at least partly, since we must adjust to new technology, changing our mindset and culture. The bottom line is that Wozniak does see a healthy future for the blockchain and Bitcoin.

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Cedric Jackson is a contributing writer at BlockTelegraph. His writing draws on his rich life experiences, time spent traveling, and years working with the written word. He is passionate about cryptocurrency and blockchain technology, finance, and markets. When not busy writing, he spends his time traveling, reading and keeping up with world events.

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