Despite selling his Bitcoin on a high, Apple co-founder Steve Wozniak has been notoriously optimistic about Bitcoin and cryptocurrency. He has been quoted as saying Bitcoin is better than the US dollar or gold, and he hopes that Bitcoin will become a global currency.
Originally when Wozniak wanted to invest in Bitcoin at $70 it was much more difficult to get your hands on the cryptocurrency. Now a plethora of trading platforms are available, and cryptocurrency has taken off as a financial market.
And Wozniak wants to be more than purely just an investor profiting off of the rise and falls of Bitcoin. Last month, he announced that he will be partnering with Equi Capital, a cryptocurrency startup. Equi is a blockchain ecosystem that connects traditional investors with cryptocurrency assets.
Cryptocurrency investors and enthusiasts have long been hoping for institutional investors to enter the cryptocurrency market in order to add mainstream legitimacy to the financial market. Many investors are hoping for mainstream adoption of a digital currency which would raise the whole market.
Wozniak still seems to think there is a lot of promise in Bitcoin and other cryptocurrencies despite their poor performance in recent months. Previously Wozniak argued that blockchain hype would lead to a bubble, but he has changed his tune by partnering with Equi Capital. Wozniak has always been a fan of cryptocurrency, but his entry into blockchain technology signals that he is fully behind the industry.
Woz believes in the long-term potential of cryptocurrency and blockchain to disrupt large financial institutions, so he sees it as somewhat of a long-term investment. His ventures into blockchain indicate that he believes it is a strong investment, and he may look to reinvest further in cryptocurrency when the market rebounds again.
Wozniak announced his partnership with Equi Capital will take place largely in Malta, and he will provide further details about his role in the company at a cryptocurrency conference in the small country in November. Malta is a country known for its affinity for cryptocurrency, and Wozniak pointed to the country’s positive laws toward blockchain and cryptocurrency as an important factor to the company running out of Malta.
Malta, the smallest country in the European Union, has become a hotbed for cryptocurrency business. Many large exchanges are based on the small island nation, and they offer a low tax rate for foreign businesses.
Smaller countries such as Malta have capitalized on global financial power’s being reluctant to embrace cryptocurrency. And it looks like Wozniak is wise to the trends of cryptocurrency in different countries.
Apple has also had to reckon with the spread of cryptocurrency. Exchanges, wallets, and other cryptocurrency apps have massively grown on the App store as investors and users look to stay connected to the market at all times. But, Apple did have to put restrictions on apps that offer cryptocurrency for completing tasks, such as downloading other apps.
Wozniak’s interest in cryptocurrency does offer some window into the feelings of Apple toward cryptocurrency. Apple does not currently accept Bitcoin or any other cryptocurrency as payment, but if the currency stabilizes then more mainstream adoption will follow.
Beyond Bitcoin and Equi Capital, Wozniak also has stated that he believes cryptocurrency Ethereum will have a similar impact to the Apple. Wozniak seems impressed by the capabilities of Ethereum and its potential to disrupt traditional financial institutions with its platform.
At a conference in Vienna, the Apple co-founder said, “Ethereum interests me because it can do things and because it’s a platform.”
Wozniak still owns some Bitcoin and Ethereum, but his contribution to the cryptocurrency and blockchain fields will likely come on a bigger stage. Equi Capital may simply be a test a jumping point for Wozniak to further develop cryptocurrency into a worldwide phenomenon.