Apple Co-Founder Steve Wozniak Says Tracing Crypto Is Hard But Possible

Apple Co-Founder Steve Wozniak Says Tracing Crypto Is Hard But Possible

Apple Inc AAPL co-founder Steve Wozniak believes that crypto will be used effectively in the future, but said its hard-to-trace nature could be challenging to its wider adoption.

What Happened: In a recent interview with Yahoo Finance, Wozniak said crypto has “an awful lot of promise” enabled by blockchain technology.

“Yes, I am in that camp that crypto will be used effectively. We just have so many digital ways to pay for things now, even just to transfer money to people. It goes way back to PayPal Holdings Inc PYPL, and now we have Apple Pay and Apple Cash. We have Venmo. So we already have other modes than crypto,” said Wozniak.

The Apple co-founder opined that every transaction should be transparent and traceable.  

“And [with] crypto, it’s hard to trace back to who’s doing what. It’s possible though,” he said.

Wozniak also commented on Twitter Inc TWTR and Square Inc SQ CEO Jack Dorsey’s recent moves to build crypto infrastructure for his existing companies.

“I love it when people like Jack Dorsey talk about how crypto should be the heart of our business dealings,” he said.

Still, Wozniak said he expects the decentralized nature of cryptocurrencies to be a potential hindrance to large-scale adoption.

“The trouble is governments will never allow it to be out of their control. If it got to the point where everything is being done in crypto and didn’t pass through governments for observation and taxation and all that, governments would just disallow it. They wouldn’t give up their power.” 

Price Action: Bitcoin BTC/USD is trading at $61,489, down 1.63% over 24 hours. 

Photo by Gage Skidmore on Wikimedia Commons.

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