Steve Wozniak, the Apple co-founder famous for his work as a leading figure in the personal computer movement, recently revealed that he sold all of his Bitcoin holdings.

In a panel hosted by the Nordic Business Forum in Stockholm on the 24th of January 2018, Wozniak revealed that he cashed out during the market excitement that sent the currency’s price skyrocketing in late 2017.

In his reasoning, Wozniak explained that he didn’t like the idea of constantly checking the value of his holdings, citing a lack of interest in material wealth.

“I don’t want to be one of those people who watches and watches it and cares about the number,” said Wozniak during the panel. “I don’t want that kind of care in my life. “I’ve never been into money in any way. I’ve never used Apple’s stock app, I don’t buy and sell stock.”

Experimenting with digital currency

The public first learned of Wozniak’s involvement with Bitcoin in June of 2017. The tech pioneer revealed that he invested in the digital currency when it was priced at $700 USD (approximately $865 CAD) per coin.

According to Wozniak, he didn’t invest in Bitcoin to make a profit. Rather, he invested to observe what he could do with the currency. Wozniak said the difficulty of using bitcoin deterred him from purchasing it at $70 USD per coin. Once Bitcoin became easier to use, and retailers began to adopt the currency, Wozniak felt it was time to experiment.

“It’s not that easy to do yet, but it’s getting there,” said Wozniak at the time. “I was just playing around trying out how to buy and sell stuff. I didn’t care I lost a ton of money, but now I’m way up.”

However, it is unclear how much bitcoin Wozniak actually held.

‘Better than Gold’

Wozniak served as somewhat of an advocate for Bitcoin in the past. In statements to CNBC in October 2017, Wozniak praised the fact that Bitcoin is non-dilutable. In this praise, he compared Bitcoin to both traditional currencies and gold.

“Gold gets mined and mined and mined,” said Wozniak. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”

Blockchain technology

Despite cashing out his bitcoin, Wozniak is still a proponent of the currency’s underlying framework, blockchain technology.

Blockchain technology is the peer-to-peer network utilized by most digital currencies. The tech also has major implications outside of the world of fintech, and even the Bill & Melinda Gates Foundation have expressed praise for its potential.

 

Image credit: pxhere

 

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