Former Google CEO Eric Schmidt is a crypto and blockchain enthusiast. He thinks Ethereum is a powerful platform that has massive untapped potential. Schmidt made these comments recently during a live event with economist Tyler Cowen that was hosted by Village Global in San Francisco.
The conversation covered a wide range of topics where Schmidt discussed the future of technology, Google’s hiring practices, corporate governance and the bifurcation of the internet.
The Ethereum Blockchain Has Huge Potential
He asked to share his thoughts on the blockchain technology. Whether it’s overrated or underrated to which he says;
“In the public format, overrated. In its technical use, underrated. Today, blockchain is a great platform for bitcoin and other currencies. Moreover, it’s a great platform for private banking transactions where people don’t trust each other.”
The billionaire goes on to add that there are exciting developments that are occurring on the Ethereum platform that promises to revolutionize business and the society.
“I think the most interesting stuff that’s going on is the beginning of execution on top of blockchain — the most obvious example being the capability of Ethereum. So if Ethereum can manage to figure out a way to do global synchronization of that activity, that’s a pretty powerful platform. That’s a new invention.”
It’s a bullish assessment that is shared by the Ethereum co-founder, Vitalik Buterin.
It’s not the first time that Schmidt has made bullish statements regarding cryptocurrencies and the blockchain technology.
He was an early believer of Bitcoin having been introduced to the crypto-coin in 2011 by Julian Assange, the Wikileaks creator.
Assange urged him to embrace BTC because it was going to be valuable one day.
“You should be an early adopter because your bitcoins are going to be worth a lot of money one day.”
In 2014, Schmidt praised bitcoin, then an obscure currency as a unique technological advancement that had massive potential.
“Bitcoin is a remarkable cryptographic achievement. The ability to create something which is not duplicable in the digital world has enormous value. It’s an amazing advancement and lots of people will build businesses on top of that.”
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.