Apple Co-Founder Steve Wozniak Praises Bitcoin but Implies That Blockchain Is a Bubble

While the financial sector has some aversion towards Bitcoin but has quite an affinity for blockchain technology, Apple co-founder Steve Wozniak has a contrasting perspective. He believes that blockchain is a bubble and hails Bitcoin (BTC) as something “amazing.”

Wozniak shared this opinion during the NEX technology conference held in New York on Tuesday, Cointelegraph reported. He went on to compare the blockchain proliferation to the dotcom boom, when companies were quick to promote revolutionary changes only to fade away when the market matured.

“If you look now you say all that internet stuff happened, we got it, it just took a while,” Wozniak said. “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.”

One of the things to be noted in this quote is the “coming out early” part. Joyce Kim, co-founder of the $3.5 billion-worth blockchain network Stellar, recently said that 99 percent of investors in this industry are only in it for the promise of profit and don’t care much about the technology that drives it. This profit-first approach places tremendous pressure on developers who are then mostly releasing products that are incomplete, which can ultimately affect their longevity in the market.

Despite Wozniak’s sentiment, the Apple co-founder did say that blockchain is trustworthy because of its decentralized nature. This isn’t the first time that Wozniak has praised Bitcoin either.

Earlier this month, he called the cryptocurrency “digital gold,” clarifying that the praises he attributes to Bitcoin are not because he has a vested interest in it. Aside from Bitcoin, Wozniak also complimented Ethereum (ETH) and how this virtual currency can endure the test of time because of its versatility in enabling developers to build on its blockchain.

Bitcoin is trading at $6,146 as of this writing, slightly recovering when it fell below the $6,000 threshold last Friday, June 26. Ethereum, on the hand, is valued at $443.21.