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Steve Wozniak Bails on Bitcoin

Steve Wozniak Bails on Bitcoin

Reading Time: 2 minutes by on January 27, 2018 Bitcoin, Commentary, News

The co-founder of Apple, Steve Wozniak, stated at a Nordic Business Forum meeting recently that he had sold all of his bitcoins.

Tired of all the hype and volatility, he confessed to only ever having made the initial purchase out of curiosity. Wozniak had bought the cryptocurrency when a coin was still selling for $700, saying he “wanted to experiment with it.”

Not keen on the numbers game

Seated before an attentive audience, Wozniak has clearly been an atypical Bitcoin devotee. Instead of holding onto the investment as the vast majority are doing, the fluctuating fortunes of Bitcoin had tired him.

Not part of the herd that needs to make money out of bitcoin’s meteoric rise, he has now sold off everything. He said “I don’t want to be one of those people who just watches the number,” to attendees at the forum in Stockholm on January 24.

After last fall’s ruckus when prices went soaring and a moment of hysteria ensued, with bitcoin topping out at around $20,000, Wozniak sold off his stake. Clearly averse to the hype and not given to unnecessary speculation, Wozniak said when being interviewed by marketing fundi Seth Godin that “When it shot up high, I said I don’t want to be one of those people who watches and watches it and cares about the number. I don’t want that kind of care in my life.”

Smiling broadly and benefiting from his life philosophies, he continued by saying: “Part of my happiness is not to have worries, so I sold it all and just got rid of it.”

Wozniak had previously said at a Las Vegas Money 20/20 event that he had “admired” the cryptocurrency from the start and felt that bitcoin was a safe haven or preserve of value than the dollar or even gold.

The Apple co-founder was also one of the early investors to speak out after JP Morgan CEO, Jamie Dimon, slated bitcoin as being a fraud, a move that sent the value of the cryptocurrency tumbling at the time.

In a twist of irony, JPMorgan was later found guilting of money laundering, followed by Dimon’s later retraction of his initial statement.

Not anticipating that so many would agree with him and in such a dramatic manner, Bitcoin became widely considered more than an interesting, tradable currency. Hoping to traverse the globe and pay at all stops with bitcoin as a personal experiment with cryptocurrency, those plans have been halted by the current hype around its price and lack of fungibility.

An international cryptocurrency

Wozniak outlined his interest in the crypto by saying: “My goal was to travel to a place like Stockholm, and go to restaurants and hotels that only accept bitcoin, and only use bitcoin when I travel.” Still very much that guy who put the first Apple PC’s shell and innards together, Wozniak exudes an engineer’s interest in things, and it’s apparent why he wouldn’t get sucked into the current crypto frenzy. That said, the sale of his bitcoins must have been lucrative, although his original holding’s value remains undisclosed.

He summed it up by telling the charmed audience in Stockholm, “I’ve never been into money in any way. I’ve never used Apple’s stock app. I don’t buy and sell stock.”

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