Apple Co-Founder Praises Cryptocurrency

Although the bitcoin price has dropped, those who are a fan of the cryptocurrency remain hopeful that it will continue to rise. For example, Jack Dorsey the CEO of Twitter and Elon Musk the CEO of Tesla have both praised bitcoin and the underlying blockchain technology. Apple co-founder Steve Wozniak is also touting bitcoin, saying that in spite of the massive bitcoin sell-off, he still experiments with bitcoin and thinks there has been a lot of value creation since the bitcoin bubble burst

Speaking to Bloomberg Wozniak stated that although we have seen massive value destruction, there has also been enormous value creation. Wozniak added that he had a lot of bitcoin, but never as an investor. He only used bitcoin to experiment with, and he still experiments with it on new bitcoin devices.

In the past year, approximately $400 billion in value has been wiped from the cryptocurrency market since adoption has halted and banks are putting crypto plans on hold.

The bull market seen in 2017 was due to expectations that institutional investment firms and big banks would support bitcoin but as 2018 wore on and that investment never materialized many investors and traders began to bail out of their bitcoin and cryptocurrency holdings.

This has resulted in many bitcoin, cryptocurrency, and blockchain startups cutting jobs or closing down altogether. A further turn for the worse could be a massive disaster for the emerging crypto sector.

Joseph Lubin, an Ethereum co-founder and chief executive at the ethereum-based development studio ConsenSys revealed plans to restructure ConsenSys, so it’s protected against the recent downturn that took place in late 2018.

Dorsey, who also works as the CEO of payments processor Square and has some experience of bitcoin via its Cash App, has said he believes developments such as bitcoin’s lightning network, built to lower the cost of small bitcoin payments while making them faster, will help increase adoption. Dorsey also stated that he believed bitcoin is likely to become the internet’s native currency.

Last week, Elon Musk, called bitcoin’s structure brilliant and explained that it circumvents currency controls making crypto a far better way to transfer values than paper money.

In 2018, Wozniak cautioned the bitcoin and cryptocurrency sphere to remember that payments are all about people — and not to get too caught up with the price of bitcoin.

Wozniak is not alone in thinking that there is too much focus on the price of bitcoin and not enough on the experience of it for the individual user. As of now, it’s too technical for the average person to use comfortably.

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