Apple Co-Founder Steve Wozniak Shares His Support for Bitcoin

Bitcoin’s price has been fairly stagnant over the last year, with little volatility here and there. This led to massive uncertainty on the market, as members of the cryptocurrency community throughout the world can only wonder whether the price will ever recover.

Despite this, many bitcoin supporters haven’t lost faith in a future price recovery. Additionally, several big names in the tech and investment markets seem to trust the coin, and the advantages it brings.

For instance, Steve Wozniak, the co-founder of Apple, recently shared his opinion concerning bitcoin’s latest price trends, and its future potential. As such, in a press statement, Wozniak first explained how he never purchased bitcoin as an investor, but rather only did so as an experiment to determine its potential. He further clarified that following the price rally to $20,000, he sold the coins he had, since he didn’t want to bother keeping a constant eye on the price, and the afferent volatility trends.

When it comes down to Wozniak’s opinion on bitcoin, he stated that: “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." 

To put things better into perspective, Bitcoin gave birth to a multi-billion dollar market, thus seemingly creating value out of thin air. On the other hand, following the price crash, over $400 billion have been eliminated from the total crypto market capitalization. Therefore, it’s certainly understandable why the recent months brought along a motionless trend on the digital currency market. Wozniak further stated that: “Psychology will often drive stock market dips, like ‘oh my gosh, I got to get out now!’ The psychology factor is kind of a fear thing. And there was this idea that Bitcoin might go up to $40,000 and it went up to $20,000”

Recent price volatility leads us to believe that more price swings are incoming, especially since the market has seen several new developments. However, at this time, it is difficult to predict whether a price surge will happen within the short-term.

There is, however, a benefit to reduced volatility. People can place more trust into the cryptocurrency, thus increasing its usage as a payment tool, rather than as a value storage option and high-risk-high-reward currency.