The Blockchain Is A Bubble, Says Apple’s Co-Founder

blockchain and bitcoin

Bitcoin has gained a lot of traction and with it the concept of the blockchain. However, recently co-founder of Apple, Steve Wozniak, gave a statement saying that blockchain is a bubble. He gave this statement in an interview saying that Bitcoin might have a reputable position in future, however, blockchain seems too good to last longer. He talked about the dot-com era during NEX technology conference in New York.

This created a huge buzz for big companies but couldn’t keep the promises which it made to its investors. As a result, it ended badly and caused a lot of damage to big websites like Amazon, eBay, etc. This can be said for blockchain as well. He told the audience a good portion of the companies promising to do life-changing things on the internet quickly went bust.”

Wozniak spoke in favor of the technology and said that it is decentralized and totally trustworthy” however it will take longer than expected to finally reach its ultimate success. He said, “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 had been a fan of Bitcoin when it was initially launched. When he lost more than $75,000 worth of Bitcoins, the hatred began. He did not mention the time when he bought or tried to sell those Bitcoins, only saying that he had lost seven Bitcoins at a time when they were worth around $10,770 each and made the loss a total of over $75,000.

I guess we will have to wait and see what the future holds for the blockchain. One thing is for though; Bitcoin and the blockchain technology sure have made some noise on the Internet and will continue to do so!

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