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Apple co-founder claims that Bitcoin bear market raised value for crypto

wozniak on the future of cryptocurrencies

In the crypto market collapse back in last year Bitcoin along with many other cryptocurrencies lost billions of Dollars in their market cap. The markets are still struggling with rising in capitalization and while most critics argue the fall was the result of declining fundamentals certain group of analysts say that the market is stronger than ever.

Steve Wozniak, the second Steve behind the first Apple Computer, spoke in a recent interview about the recent developments in finance technology.

Among various other things, he stated his belief in the market collapse by saying that the cause was not a decline in fundamentals but rather fear in the traders. Moreover, he stated that the market did not collapse but rather had a huge value creation last year.

Although Steve had sold all his Bitcoin around a year ago as he had ‘enough’ with that, he sold the cryptocurrency when the price was over $20,000 while he had bought them for $700 making more than 2800% in profit.

However, he had not sold his coins because he had lost faith in Bitcoin but rather because he did not want to keep worrying about market statistics.

Furthermore, he believes that Bitcoin will become the Internet’s native currency. Last year he stated that he wanted Bitcoin to gain much more mainstream adoption.

His support for digital assets is not restricted to Bitcoin only as he has previously spoken positively about blockchain as the “next major IT revolution.” In an event in Vienna, he outlined the security problems in the current digital finance system then discussed how using blockchain was superior.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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