Bitcoin and other cryptocurrencies today are still looking for another bull run. Unfortunately, Bitcoin’s price is quite far from its all-time high at $20,000. But does it mean that you should start cutting your losses short? If you are going to ask Apple co-founder Steve Wozniak, he said that payments are about people. Therefore, do not be carried away with the price. He mentioned that “Steve Jobs wasn’t a computer person, but he was a people person”.
He also mentioned that “I buy into what Jack Dorsey says, not that I necessarily believe it’s going to happen, but because I want it to be that way, that is so pure thinking”. Dorsey is one of those people who believe that Bitcoin is going to be the global means of payment.
Wozniak mentioned that “Bitcoin is mathematically defined, there is a certain quantity of Bitcoin, there’s a way it’s distributed… and it’s pure and there’s no human running, there’s no company running and it’s just…growing and growing… and surviving, that to me says something that is natural and nature is more important than all our human conventions”.
He also thinks that the limited number of Bitcoin is a good thing. He said that “ Bitcoin, because it’s regulated in its quantity, you get down to supply and demand”. He added that “if demand increases and it becomes more and more popular for more things and people start using it, there is no extra supply. It’s limited” And because of this, he believes that Bitcoin will have no other way but to increase in value over time. He also thinks that it won’t happen quite fast. He said that it might get sloppy at first too.
However, it is true that he also sees the crash happening to a lot of technologies related to blockchain including that of Bitcoin. But he sees that blockchain, as it is being studied by people and being applied by businesses, could be a long-term application.
However, he believes that blockchain technology is still a bubble despite the fact that there is a huge interest in cryptocurrencies today. He also compared blockchain technology to what happened during the early days of the internet. He believes that people should change their mindset and see the future using blockchain technology.
Wozniak is also on the same page as Dorsey as he also hopes that Bitcoin becomes the established primary method of payment.
Problems with Bitcoin
It is worth mentioning that Bitcoin faced a number of problems over the years. For instance, it offers slow transactions and high transaction fees. Though it has recently had low transaction fees, there are other alternatives that are also gaining in popularity. For instance, you have the like of Litecoin that can offer fast and cheap transactions. Litecoin is also being adopted by small businesses. In addition to this, you also have the likes of Ethereum that has made the creation of tokens easy.
Should you hold to your Bitcoin and other cryptos judging from what Wozniak is saying? Considering the long-term potential of cryptos, should you really HODL?