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Apple Co-Founder Steve Wozniak Claims That Governments Will Ban Crypto If It Becomes Too Big

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Apple co-founder Steve Wozniak says governments will “disallow” crypto if it reaches mainstream acceptance.

During an interview with Yahoo Finance, Apple co-founder Steve Wozniak opined that the government will never allow cryptocurrencies to be out of its control.

Hence, he predicts that crypto will be banned if it reaches widespread mainstream adoption:

Trouble is that the government will never allow it to be out of their control. If it got to the point that everything was being done with crypto and it didn’t pass through governments for observation and taxation and all that…governments would just disallow it. They wouldn’t give up their power. 

With these recent comments, Wozniak echoed Bridgewater Associates founder Ray Dalio, who predicted that Bitcoin was “very likely” to be outlawed if it were to become too big. 

He then went on to add that the government makes all of its taxes off inflation, describing it as an “artificial system”:

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The government can just create new dollars and borrow, and borrow…

The famed engineer called Bitcoin “mathematically pure” since it cannot be modified by governments or private companies. In July, he said that the largest cryptocurrency was a

Wozniak would love to see crypto disrupting business and commerce, mentioning Jack Dorsey and his Bitcoin advocacy:

I love it when people like Jack Dorsey talk and how crypto should be the heart of our business dealings. 

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With that being said, the Apple co-founder is not sure whether it’s right to have anonymous transactions.

The 71-year-old entrepreneur notes that crypto makes it hard to trace back “who’s doing what,” but he then adds that it is not impossible.  

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Crypto market crash: 3 key reasons which triggered the market crash

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  • The global crypto market is down over 17% since yesterday.
  • Live exchange data indicate large-scale sell-off in the last 24 hours. 
  • The crash was triggered by panic-selling due to several recent events in the industry. 

The global cryptocurrency market is down by over 17% in the last 24 hours. While a crypto market crash in December was anticipated by experts, the scale above 10% was significantly surprising for most investors. We entered the bear market in early November and the bulls occasionally pulled back earlier last week due to some major metaverse project announcements surrounding crypto. 

However, increasing FUD surrounding the new Covid variant and stock market plunge has caused crypto prices across the market to crash below their predicted support zone. 

A summary of what’s happening in the market today 

Bitcoin prices have plunged below $50K for the first time in 2 months. Bitcoin was trading at around $43.5K earlier today, its lowest since September. BTC has since made a climb back up to the $47K zone. 

The major surprise however was Etehreum. ETH is down by almost 15% in the last 24 hours. The altcoin was showing tremendous support above the $4K range during November’s bear market but went down to $3,497 earlier today, its lowest since September. ETH has since made a slow climb back up to $3.9K. 

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Litecoin suffered the biggest blow among the top 20 cryptocurrencies, as the altcoin is down over 25% in the last 24 hours. Metaverse coins Sandbox (SAND) and Decetraland (MANA) also suffered a blow above 20% in today’s crash. 

Let’s see what’s actually causing today’s crypto market crash. 

Exchange Reserve sharply increased 

All exchanges reserve is a metric that shows the total amount of crypto being held in centralized crypto wallets. There has been a sharp increase in both BTC and ETH all exchange reserve flows. This means that more investors are depositing their crypto for fiat withdrawal, which suggests a high rate of liquidity and crypto sell-off. 

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crypto market crash
Live data from CryptoQuant

Estimated Leverage Ratio Hit the All-time High

The estimated Leverage Ratio indicates the average amount of leverage used by crypto investors. As the leverage ratio for both Bitcoin and Ethereum hit an all-time high yesterday on the Binance exchange, it indicates that crypto traders currently hold a high-risk sentiment towards trading. Again, this is led to a large-scale sell-off since yesterday, causing the crypto market crash. 

crypto market crash
Live data from CryptoQuant

Exchange Whale Ratio hit the three-year high 

Earlier last week, the BTC Exchange Whale ratio surged to 91%, a three-year high. The exchange Whale ratio indicates the approximate size of the top 10 deposits compared to the total deposit volume across all exchanges. 

When the ratio reaches significantly over 85%, it indicates mass-dumping, suggesting that whales are liquidating their crypto assets. Also when the exchange whale ratio surges, it creates fear among relatively small investors. 

Crypto market crash: 3 key reasons which triggered the market crash 2
Live data from CryptoQuant

The crypto market crash is largely triggered by panic selling 

Overall, the key trigger behind today’s crypto market crash is panic selling. Earlier this week, billionaire American investor Charlie Munger lashed out at cryptocurrency, saying that he wishes crypto had never been invented. 

Also, the $10 million hack of BadgerDAO and India’s crypto regulation plans contributed to the panic selling. There were also concerns about the new Covid-19 variant, which could negatively impact the global financial state that is still trying to recover from the pandemic. 

Although the veteran and experienced investors are not phased by such events, new investors are easily giving in to the FUD, resulting in a large-scale crypto sell-off. However, not everyone is seeing the crypto market crash as a negative event. The CEO of Tron and El Salvador has already bought into the dip, adding more Bitcoins to their crypto wallets. 

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Some experts are also indicating that today’s crypto market crash resembles the bull market pattern of 2017, which later saw Bitcoin and other altcoins skyrocket. For now, it’s time to sit back and assess, as the crypto market seems to be dipping further going into the weekend. 

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Crypto Market Crashes Again in 2021, Did You Buy The Dip?

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The crypto space witnessed yet another steep free-fall, which extracted 26% of the total market cap which revisited $1.9 trillion levels before recovery. Also, the DeFi and the NFT’s space shed huge gains in the recent sell-off. BTC alone faced long liquidations of nearly $1.9 billion in the past couple of hours, liquidating more than 300K traders. The bulls quickly jumped in to accumulate Bitcoin and other altcoins at huge discounted prices. However, despite the rebound, yet the uptrend needs to be confirmed. 

Crypto Market Crash Continues

A popular on-chain analytics platform shared some interesting insights that occurred just before the plunge began. CryptoQuant lists 3 main indicators that pointed toward a massive movement happening ahead. 

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As per the on-chain platform, the exchange increased its reserves just before the plunge to have a sufficient balance to buy the dip. The estimated leverage ratio also hit ATH which signifies that the traders were ready with high-leverage short trades much before the dip. And interestingly, the whale ratio hitting 3-year high points out towards a pre-planned strategy. It appears that the whales and the exchanges were well-informed about the dip much before the plunge. 

Nearly $1.3 billion in long positions were liquidated during this dump from $51K to $42K. The total open interest has gone down from $21.6 billion to $16.7 billion in just 30 minutes. And hence nearly $5 billion of the open interest just evaporated during the plunge. And interestingly, huge long positions were limited on Binance and Bybit indicating the preparations for the upcoming plunge. 

Overall, the crypto space after hitting the bottom is on the path of a decent recovery. All the altcoins including Bitcoin are attempting hard to get back to their initial positions. December was expected to be pretty bullish for the space but the sudden crash has hindered the rally. However, the resumption of the bull run may be completely dependent on the recovery rate and pace. Once BTC’s price regains positions above $55K, then the possibilities of the higher target may come back to life.

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Indian Crypto Bill in Anvil, Govt. to Weigh Pros & Cons of Crypto

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The latest update in the controversial Indian Crypto Bill saw the Finance Minister, Nirmala Sitharaman consider the underlying technological boon that comes with the industry’s banes. While speaking at the ‘Agenda Aaj Tak‘ event in Delhi yesterday, Sitharaman noted that the crypto bill is in anvil and will soon be sent for approval to the cabinet.

Furthermore, she highlighted the juxtaposition given the government’s concerns about the decentralised industry accompanied by their plan to fully avail the financial benefits of the blockchain technology. Following this mindset, she ascertained that the “Cryptocurrency bill will take into account the underlying technology”.

Ambani’s Two-Cents on Crypto

The Indian government appears to be on the right track, financially, given that even the richest man in all of Asia, Mukesh Ambani swears by the same technological advancement with the blockchain.

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He spoke yesterday, at a forum organised by India’s International Financial Services Centres Authority together with Bloomberg, where he argued the potential of blockchain technology. Ambani said, “Blockchain is the technology I believe in and it is different from crypto”. Ambani claimed that India will see an evolution in its “fintech, education technology, health technology, and industry” through digital services.

Furthermore, he compared the power of data to that of former days’ oil, asserting the only difference being, data’s easy accessibility.

“Digital technology, I believe, is a great leveler, a great democratizer…The new oil, i.e. data, can be generated and consumed everywhere and by everybody. It has the potential to create value equitably across sectors, geographies, and economic classes.”, said Ambani.

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Borderless Crypto

Despite understanding the pros, like innovation and technological advancements, the Indian government is determined to regulate the decentralised industry in lieu of its dangerously fast-evolving nature. According to CoinGape’s exclusive coverage on Nirmala Sitharaman’s stance towards upcoming crypto regulations, she noted that mere national level monitoring will never be enough when it comes to the decentralised industry. Sitharaman called upon global regulators to come together to centralise a borderless body like crypto.

“All of us also recognise technology respects no physical border. Technology has the power to sweep through borders. It means global action is the only way in which you can regulate it effectively”, said Sitharaman.

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