The legendary Steve Wozniak, who was the engineer who designed the Apple II computer alongside the no less legendary Steve Jobs, is now joining other tech gurus in talking about Bitcoin’s potential, which remains the top-ranked cryptocurrency in the world.
Many observers have signaled the current year as one that could make all the difference in the cryptosphere because many interesting institutional projects are scheduled to come online during this year.
Several stakeholders since the start of the year have identified 2019 as a watershed year for digital assets with many important institutional projects set to go live during the year. The most famous example is probably Bakkt, created by Microsoft, Starbuck’s and ICE (owners of the NYC stock exchange), but there are several others.
Bitcoin’s value creation
Mr. Wozniak talked to Bloomberg and said that Bitcoin had created massive value along the time, even if it’s been under the bear’s influence for 2018. He had this to say on the matter:
“We’ve seen massive value destruction but we’ve seen massive value creation. I had a lot of bitcoin, but never as an investor. I only had bitcoin to experiment with and I still experiment with it on new bitcoin devices.”
Coin Dance’s data shows that P2P transactions for Bitcoin are at all-time highs in countries such as Indonesia and Venezuela. For Venezuela, it’s even more obvious, because the macroeconomic situation there is absolutely terrible and people need more help from the digital economy to be able to get by even as the government rejects humanitarian aid.
It’s not the first time in which Mr. Wozniak has expressed himself on Bitcoin’s potential. He’s on record explaining how it will become digital gold, and telling the world that the asset is just “amazing.” On the other hand, he’s not all that excited about blockchain technology which he considers to be a bubble.
He’s not alone in his views. Elon Musk (Tesla’s CEO) recently talked about his appreciation for Bitcoin as well and explained why he thinks it will end up replacing fiat currencies at some point.
At the same time, he explained that Tesla isn’t ready to adopt Bitcoin or any cryptocurrency. But he made it clear that Bitcoin’s network, which allows it to exist outside mainstream currencies and controls, makes it a better vehicle for wealth transfer than fiat currencies.
Think utility, not price
The focus on Bitcoin should be utility and not price, according to Mr. Wozniak. He said he doesn’t care all that much about prices. Which makes sense when you remember that the 2018 bear market (which is still ongoing) made 80% of the market’s value vanish into the air.
For Mr. Wozniak, the whole point is to develop more useful application-cases for Bitcoin. In that regard, he complimented Jack Dorsey who’s been recently supportive of Bitcoin. He said that the new Lightning Network is a step in the right direction for the Bitcoin network because it facilitates Bitcoin adoption in the payments arena.
As last month started, Mr. Dorsey appeared on Joe Rogan’s show. He explained that Bitcoin has the potential to become the internet’s native currency. It has all the specifications needed to be the universal internet currency.
Mr. Wozniak thinks that the industry must be people-oriented. Using cryptocurrencies remains rather difficult for average people which is why mass adoption has still not happened at all. On that subject, he recalled his friend and colleague Steve Jobs as a man who knew how to engineer widespread adoption of sophisticated technologies by making them easier to use. That’s how Apple succeeded. That’s how Bitcoin could succeed too.
Image courtesy of Flickr.
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