Founder of Apple speaks to “massive value creation” in crypto ecosphere

  • By Tom Cleveland

  • March 2, 2019
  • 12:57 am BST

Steven Wozniak, the other “Steve” behind the founding of Apple, recently shared his opinions in an interview with Bloomberg on several topics, one being cryptocurrencies. While many cynics have made a big deal about Crypto Winter and the loss of billions in market value over the past year, Wozniak does not buy into the argument that the fundamentals of Bitcoin and its altcoin brethren are now non-existent. He believes the fall in prices is more due to psychology and perception, while in the background, he sees “massive value creation” that awaits market recognition.

Wozniak has been known to support cryptocurrencies for some time. He notably owned a good stake in Bitcoin, which he noted he bought when it was $700. The crypto community was somewhat taken aback when he admitted that he had sold his position at market highs. His stated reasoning was that, “He didn’t want to become one of those people who watches and watches it and cares about the number.” Peace of mind is always a personal matter when it comes to investing, but “the Woz” did achieve a remarkable return of 2800%. Apple stock was never so profitable.

Wozniak did not speak to the long-term prospects for Bitcoin and others, but in other venues, he has not been shy in agreeing with the likes of Jack Dorsey, the CEO of both Twitter and Square, Inc., that Bitcoin will become the currency of the Internet. He said to CNBC last year: “I buy into what Jack Dorsey says, not that I necessarily believe it’s going to happen, but because I want it to be that way, that is so pure thinking.” Whether BTC assumes that mantle or not, Wozniak is certain that it will still be viewed as “pure digital gold”, prized as opposed to fiat currencies around the globe.

Steve went on to add: “Bitcoin is mathematically defined, there is a certain quantity of bitcoin, there’s a way it’s distributed… and it’s pure and there’s no human running, there’s no company running and it’s just… growing and growing… and surviving, that to me says something that is natural, and nature is more important than all our human conventions.”

The co-founder of Apple is also concerned about security and privacy in the digital age. When he recently spoke at Vienna’s WeAreDevelopers World Congress event, he praised decentralized ledger systems and called cryptocurrencies and blockchain technology as the “next major IT revolution.” As a true believer, he also worked with a blockchain related venture capital company to become a co-founder of EQUI Global, a development startup with its own Ethereum token.

Even though Steve sometimes jokes that he is still on the Apple payroll, he did not divulge any plans that his employer might have in the background. Other fintech giants like Facebook, Google, Amazon, and Samsung have revealed various blockchain related products under development, some with accompanying tokens, some not.

There continues to be speculation that Apple may also jump into the fray, delivering its own special twist on its involvement. With Samsung announcing a crypto wallet and related apps on its new version of the Galaxy S10 series, one can only wonder how Apple might respond competitively.