A video that resurfaced in 2014 shows the former Google CEO hailing the flagship cryptocurrency Bitcoin (BTC) as ‘extraordinary’.
“The leading cryptocurrency Bitcoin is a remarkable cryptographic achievement”
In an old video that has resurfaced, former Google CEO Eric Schmidt hailed Bitcoin’s (BTC) technology as a huge success on the cryptographic scene. Speaking at the Computer History Museum in 2014, Schmidt says that Bitcoin technology is important. But he voices his doubts about the asset’s use as a currency.
Eric Schmidt states that Bitcoin’s technology installation could power more businesses in the future. Interestingly, Schmidt made statements at a time when worldwide adoption of Bitcoin was still low. The stance of the former Google CEO can be seen as a major boost for leading cryptocurrency prospects. Eric Schmidt says the following in the panel he attended:
Bitcoin is a remarkable cryptographic achievement. The ability to create something that cannot be copied in the digital world is of immense value. The Bitcoin architecture, the ability to have these ledgers that literally cannot be copied, is an incredible improvement. A lot of people will start a business on it.
Eric Schmidt’s interest in crypto technology
Overall, Schmidt’s take on Bitcoin’s technology is in line with a recent revelation in which he highlighted the focus on the underlying technology of cryptocurrencies. The former CEO of Google has now shared his interest in Web3. Schmidt comments:
A new model of the internet where you can control your identity as an individual and do not have a central administrator. It’s very powerful in that respect. Very seductive and not very central.
The former Alphabet technical adviser confirms that his interest in Web3 centers around tokenomics, a system that influences certain supply and demand characteristics of digital currencies. It is worth noting that over the years, the former executive has been steadily increasing his advances in the crypto space. For example, as you follow on Kriptokoin.com, he joined the Chainlink team in 2021 as the firm’s strategy consultant. He is also one of the authors of the book “The Age of AI”, which emphasizes the future of the technology industry.
Former Google CEO’s critique of existing blockchains
Additionally, Schmidt notes that the majority is focused on ensuring they don’t get hacked. In this context, he criticizes existing Blockchains. He thinks it’s a waste of time. His critique extends to the concept of the Metaverse, arguing that the industry is not defined. Meanwhile, elsewhere, Schmidt also revealed that he’s invested “some” in cryptocurrencies. However, he declined to name any cryptocurrencies he has invested in.
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