Apple Co-Founder Steve Wozniak Compares Blockchain Hype to Dot Com Bubble

June 27, 2018, 4:20 PM UTC

Apple Co-Founder Steve Wozniak made some pretty contrarian comments on Tuesday. Most people claim that Bitcoin is a bubble, while embracing the underlying blockchain technology. Wozniak, however, has a different point of view.

At the NEX technology conference in New York, Wozniak said that blockchain reminded him of the mania around internet companies in the early 2000s. “It was a bubble, and I feel that way about blockchain,” he said.

He noted that there could be a use for distributed ledger technology, but like the internet, it could take a while to live up to its potential. “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,” he said.

This is not the first time that Wozniak has shared his opinions on blockchain technology and the state of cryptocurrencies. Earlier this month, he praised Bitcoin saying “it is mathematical, it is pure, it can’t be altered.” He also called it “pure digital gold.”

But Wozniak remains cautious, even with Bitcoin. He has reportedly sold all but one of his bitcoins, as “I don’t want to become one of those people that watches it, watches it and cares about the number. I don’t want that kind of care in my life.”