Bitcoin, trapped in a painful bear market for over a year, has lost some 80% of its value since it hit an all-time high of almost $20,000 in December 2017—leaving many investors concerned the bitcoin price may never recover.
While the bitcoin price has struggled, bitcoin supporters have remained hopeful it will continue to grow, with the likes of Twitter’s Jack Dorsey and Tesla’s Elon Musk heaping praise on bitcoin and its underlying technology.
Now, Apple cofounder Steve Wozniak has said, despite the heavy bitcoin sell-off, he still experiments with bitcoin and believes there has been “massive value creation” since the bitcoin bubble burst.
Bitcoin supporters have been talking up the technology over recent weeks.GETTY
“We’ve seen massive value destruction but we’ve seen massive value creation. I had a lot of bitcoin, but never as an investor. I only had bitcoin to experiment with … and I still experiment with it on new bitcoin devices,” Wozniak said, who was speaking to Bloomberg.
Some $400 billion in value has been wiped from the cryptocurrency market over the past 12 months as adoption stalls and banks put closely-watched plans to wade into bitcoin and cryptocurrencies on hold.