A legendary Google billionaire is backing an altcoin project that rivals Bitcoin and Ethereum despite all the loss in value.
Eric Schmidt’s forecasts come despite losing market by half
Bitcoin, Ethereum, and other top ten cryptocurrencies have spent nearly all of this year falling. Since its peak in November, its market cap has eroded a total of $2 trillion. The main reason for the volume loss was the Fed’s toughening of its hawkish policy in its battle against inflation. While the Bitcoin price initially dropped below $20,000, it fell back to triple digits with a million-dollar game in Ethereum.
Now, former Google CEO and billionaire Eric Schmidt says Chainlink, which was previously in the top ten cryptocurrencies to rise to 2020, has “better technology.” He also adds that it “scales better” than other cryptocurrencies like Bitcoin and Ethereum.
“I am historically skeptical,” Schmidt said during the SmartCon conference in New York this week with Chainlink Labs co-founder Sergey Nazarov. Schmidt joined Chainlink Labs as a strategic advisor in December last year.
Why is it important for Chainlink and the altcoin market?
Chainlink uses software called oracles to connect data to Blockchains. This technology is designed to help scale bulky and cumbersome decentralized networks. Chainlink’s cryptocurrency has dropped more than 80% since reaching the ATH level in May last year. Bitcoin has outstripped the price drops seen by Ethereum and other major cryptocurrencies.
Currently, according to most experts, Web3 will eventually replace the Silicon Valley-based web 2.0, which is dominated by the likes of Google and Facebook’s Meta. Schmidt says Ethereum and other similar smart contracts need time to do this. However, Schmidt said that Ethereum’s long-awaited September merge upgrade “should be taken as a sign.
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