Apple (NASDAQ:AAPL) co-founder Steve Wozniak, who previously spoke favorably about Bitcoin, said on Tuesday that the hype around blockchain technology resembles the dot-com era when the hype around internet companies resulted in a bubble.
“It was a bubble, and I feel that way about blockchain,” Wozniak noted at the NEX technology conference in New York.
He recalled that many internet companies during the late 90s promised game-changing services, but in the end, most of them bankrupted.
However, Wozniak doesn’t deny blockchain’s potential as a disruptive technology, as it is decentralized and secure. His point is that it can take longer for it to be fully implemented on a mass scale.
“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,” the Apple co-founder noted.
As per Wozniak, Ethereum could survive a potential bubble burst thanks to its use cases and its infrastructure, which allows developers to create their own projects. As for Bitcoin, even though it has lost half of its value since the beginning of this year, it’s still “just amazing,” Wozniak says.
Last year, Wozniak said at the 20/20 conference in Las Vegas that Bitcoin was better than gold or the US dollar, the latter being ‘phony’ as the US government can print it at its will.
In February of this year, Wozniak revealed that he had sold all but one Bitcoin, admitting that the hype around its price had disappointed him. He bought the cryptocurrency years ago when it was priced at $700 per BTC.
“All of the sudden it was way down, then way up in the sky. I got scared, and sold everything but one bitcoin,” Wozniak said on Tuesday.
This article appeared first on Cryptovest
