Apple co-founder Steve Wozniak, recently, commented that Bitcoin would become the world’s single currency in as little as the next ten years. He suggested that the value of the digital coins will be bouncing back soon.
The technology maverick said that people were as interested and excited when the internet first came out. This lead to heightened interest and speculations. The bubble burst but brought some stellar tech companies to the world. Similarly, Bitcoin could also come out of its bubble and become a mainstay of the world economy.
Backing Twitter CEO on the Single Currency Vision
Twitter CEO Jack Dorsey previously said that Bitcoin would become to be the primary method of payment in the near future. He stated that:
“I hope it will be Bitcoin. I’m a huge fan. I’m just approaching with the principle that the Internet deserves a native currency. It will have a native currency. I don’t know if it will be Bitcoin, but I hope it will be.”
Dorsey also said that the global native currency of the internet would also help Square in entering new markets easily. He added:
“If we were able to use it a currency today, we could release our apps in every app store around the world instead of the five we’re in.”
Backing up his claims, Wozniak said:
“I buy into what Jack Dorsey says, not that I necessarily believe that it’s going to happen but because I want it to be that way. That is so pure thinking.”
Talking to CNBC, he said that the value of Bitcoin must appreciate in the near future. Wozniak said that the core principle of Bitcoin lies in the basics of supply and demand. When the coin played out to its high demand, the prices went up to $20,000.
Will Bitcoin’s Value Go up Soon?
Wozniak predicted that the value of the coin would go up in dollar terms in the long run. Comparing the Bitcoin craze to the dot-com era of the 90s, he noted that people were equally enthralled, enticed and intimated during those years. However, he said the dot-com was a huge bubble, and so is Bitcoin.
Overall, Wozniak believes that even if in the situation that the currency is nothing but the biggest financial bubble since the 90s, “things aren’t going to change that rapidly.”
The internet stalwart thinks that it will take more than just innovation to make this happen. Wozniak argued that people will have to change their mindset and accept this new tech. For that to happen, the industry will have to mature more. As blockchain and Bitcoin are still in their nascent stages, it will be worthwhile to wait and watch what milestones they achieve.