- Apple co-founder compares blockchain and crypto development to internet’s early slow days
- Cryptocurrencies represent a type of freedom that will face many obstacles
- Turns out governments like taxes
The slow development of blockchain and cryptocurrency projects is comparable in many ways to the early days of the internet, says Apple co-founder Steve Wozniak. Similarly, governments will eventually reach a point where circumstances will force them to regulate crypto.
Wozniak a Crypto Enthusiast
Himself a dedicated cryptocurrency enthusiast, Wozniak was speaking during MasterCard’s “Connecting Tomorrow” event in Barcelona when he made comparisons between the snail-paced development of the crypto sphere and the early days of the internet. Wozniak stated that “no matter what” happens, governments will finally regulate cryptocurrencies. Steve stated:
“It is not going to go very fast […] in those early days of the Internet, people started talking about apps that would let you book your airplane flight, apps that make reservations, do everything in your life. But it didn’t happen very fast and there was a huge crash. The bubble burst […] but all these Internet promises became part of our life, eventually.”
The world saw a huge expansion in cryptocurrency regulation towards the end of 2017 when governments moved fast to look for ways to ‘protect their citizens’ and gain some revenue. Decisions to restrict or completely block interaction with cryptocurrency or crypto-fiat exchanges were common.
Banks Taking a Stand Against Crypto
Most banks have acted independently to limit or block their customers access to cryptocurrency related funds or services for their own reasons. The result has been many crypto enthusiasts finding they don’t have access to their funds or have no way to convert crypto funds into fiat. Amid this confusion, Steve seems to look beyond the fog to a “sunny day.” In his remarks, he said he looks at cryptocurrencies, with their lack of centralized control, as a type of freedom. He further stated:
“They [freedoms] will always get taken away, I love it. I want it. I want that world to exist. But there will be obstacles.”
Internet companies saw a massive rise in the 90’s and the internet was flooded with venture capitalists who wanted to take advantage of the rise causing the platform to attract more capital than required. Cryptocurrencies are still in their early stages and there are still plenty of prospects. Despite reports of fraud, blockchain has proven it will continue to revolutionize industries. Steve said:
“It’s a little too hard to track down who is doing what transactions, and a great part of our life and existence is knowing what transactions are there so governments can tax them,“ Governments are going to regulate that, no matter what.”