Apple Co-founder: Despite the Price Crash, I Still Believe in Bitcoin

Bitcoin has been stuck in the bear market for more than one year. Since hitting a record high of nearly $20,000 in December 2017, Bitcoin has lost about 80 percent of its value, leaving many investors concerned that the price may never recover.

While the price of Bitcoin has been struggling, its backers remain hopeful that it will continue to grow. Many people have been lavishing praise on Bitcoin and its underlying technology, such as Twitter's Jack Dorsey and Tesla's Elon Musk.

In addition, Steve Wozniak, the co-founder of Apple, says that despite the massive sell-off, he still believes it Bitcoin has "created tremendous value” since the bubble burst.

Wozniak told Bloomberg: “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.”

Over the past 12 months, the value of Bitcoin has been wiped out by an estimated $400 billion as Banks shelved many plans involving the cryptocurrency and bitcoin.

Wozniak indicates he doesn’t want to be the type of person who haggles over prices. He also has a lot of respect for Twitter founder Jack Dorsey, who is a Bitcoin believer.

Dorsey, a former CEO of payment processor Square, gained some insight into Bitcoin through the company's Cash App. He said the popularity of Bitcoin would be driven by developments such as its lightning network. The lightning network aims to speed up and lower the cost of small bitcoin payments.

According to Forbes, Dorsey said he thought Bitcoin could become the Internet's "native currency”.

Meanwhile, Elon Musk also said “Crypto is a far better way to transfer values than a piece of paper, that’s for sure”.

Image: pexels.com

Author: Max Li

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