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04:41 GMT, February 2, 2018
Top economist says Bitcoin is “the mother of all bubbles” destined to crash
00:47 GMT, February 3, 2018Apple co-founder Steve Wozniak cashed out his bitcoin investment to avoid slippong into a life of constantly looking at the numbers, according to comments he made at a recent business forum in Sweden.
Wozniak bought bitcoin when it was worth just $700 to experiment with the digital currency and cashed out after the price starting surging.
Bitcoin, a decentralized digital currency – a cryptocurrency – operates without a central bank and no single administrator. It has been in circulation since 2009.
Stephen Gary “Steve” Wozniak, known as “Woz”, single-handedly developed the 1976 Apple I, the computer that launched Apple.
Too many hurdles
In 2017, the inventor told CNBC that he had been interested in acquiring Bitcoin back when it was worth $70, but gave up because of the many hurdles necessary to actually invest in it.
“I remember getting interested in bitcoin some time ago,” Wozniak said in an interview CNBC last year. “It was $70 for a bitcoin, man and I went online and you had to have a special bank account at a special bank and I couldn’t buy any bitcoin so I gave up. Eventually I got some of them at the $700 stage….”
However, his reason for selling the digital currency wasn’t to do with profit. Wozniak said that he decided to sell his trade his Bitcoin to avoid the stress of keeping track of the ups and downs of the cryptocurrency.
Wozniak didn’t want to keep checking all the time
He told an audience at the Nordic Business Forum in Sweden on January 24:
“I had bitcoin to experiment with and when it shot up high, I said, ‘I don’t want to become one of those people that watches it, watches it and cares about the number.’ I don’t want that kind of care in my life,”
“Part of my happiness is not to have worries, so I sold it all — just got rid of it — except just enough to still experiment with,” Wozniak added.
Bitcoin recently plunged to as low as $7,695.10 on Friday, according to CoinDesk – the first time the cryptocurrency has dropped to below $8,000 since November 24.
Video – Cryptocurrencies
Today, there are hundreds of different cryptocurrencies. We have all heard of them, but not many people know exactly what they are. Watch this MBN video to find out.