Apple Co-Founder Insists There’s Massive Value Creation’ for Bitcoin (BTC)

Steve Wozniak, the co-founder of Apple, has declared that there’s massive value creation” for Bitcoin (BTC). He made these remarks about BTC’s potential during an interview with Bloomberg on February 26.

When Bloomberg asked Wozniak what he thinks about Bitcoin’s potential to replace fiat and become the world’s currency in the future, after “the massive value destruction in BTC,” the entrepreneur had this to say:

I’m unsure regarding buying the idea that we have seen massive value destruction in Bitcoin, I think we have seen massive value creation instead.”

Bitcoin (BTC) Price Today – BTC / USD

Name Price
bitcoin
Bitcoin
$10,170.42-1.95%

Wozniak: Psychology Drives Market Dips

The Apple co-founder also has argued that it isn’t unusual for psychology to drive market dips, especially the fear of determining the price. Wozniak went on to clear the air that he wasn’t interested in Bitcoin (BTC) “as an investor.”  He insisted that he “only had BTC to experiment with.” Wozniak said he had used the leading digital currency as a payment format.

Wozniak also remarked that he sold all his Bitcoin (BTC) “when the price went high.” The engineer then added that he hadn’t invested in any stocks before or made use of the Apple stock app.

In October of 2018, Wozniak has been revealed as a co-founder of EQUI Global. EQUI Global is a blockchain-focused venture capital fund.

Singapore’s GIC Among Those That Raised $300 Million for Coinbase Last Year

Singapore backed GIC (Government Investment Corporation) was one of the investors that helped to raise $300 million for United States major crypto exchange Coinbase last. Bloomberg reported the news citing anonymous sources who have knowledge of the matter on February 28.

According to GIC’s official website, the company has assets in 40 countries across the globe amounting to $100 billion.

With the round led by Tiger Global Management, Coinbase disclosed a host of backers known for their huge investments in crypto. Including, Y Combinator Continuity, Polychain, Wellington Management, and Andreessen Horowitz to name a few. GIC wasn’t among the investors named.

As of press time, neither GIC nor Coinbase has agreed to any requests for comment on the issue.

Bloomberg cites documents seen by the news outlet in 2018. The documents are alleged to have shown that Coinbase’s forecasted its 2018 revenue at $1.3 billion. This figure was mostly derived from trading commissions and crypto asset holdings.

In the summer of last year, analysts predicted that the revenue generated by exchanges would double to hit $4 billion. Coinbase is estimated to reach 50% of the transaction revenue output.

GIC Aligns With the Growing Tide of Large Scale Investors

As per a previous report by Bloomberg, the entrance of a major national investment fund like GIC into the crypto space appears to align with the growing tide of large scale investors. This includes the prestigious Ivy League university endowments Harvard and Yale both of which have backed the innovative asset class.

Cointelegraph wrote in November of 2018 that GIC has joined the Singapore government-owned investment initiative Temasek Holdings Pte. The goal is to back enterprise Blockchain software startup and global banking behemoth R3.

In February 2019, Grayscale Investments reported that the share of its capital inflow is caused by institutional investors is now rising.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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