Former Google CEO Eric Schmidt recently revealed that he’s a fan of blockchain technology and digital currencies, specifically referencing the likes of Bitcoin (BTC) and Ethereum (ETH).
The Ex. Google Chairman, billionaire Eric Schmidt, during a live event with economist Tyler Cowen hosted by Village Global in San Francisco, said Ethereum could be a “powerful platform” whose untapped potential is off-the-charts.
In the wide-ranging conversation, Schmidt discussed the future of technology, corporate governance reform, Google’s hiring practices, and bifurcation of the internet.
He also spoke about the blockchain technology that he called “overrated in the public format and underrated in its technical use.”
He said:
“Today, blockchain is a great platform for Bitcoin and other currencies, and it’s a great platform for private banking transactions where people don’t trust each other.”
He also noted that the most interesting stuff that’s going on are the beginning of execution on top of blockchain. The most obvious example is for him, the capability of Ethereum.
He added:
“And 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 really new invention.”
Many would agree that that ethereum co-founder Vitalik Buterin would share this opinion. Just for reminder, few days ago there was an article headline in MIT Technology Review that heralded Vitalik Buterin saying Ethereum can’t succeed unless he takes a step back .
However, Buterin was quick to point out that he is not leaving the platform, and that critics will criticise, whatever he does. He suggested that the headline was misleading, and that the sub-headline gave the more correct emphasis: that Ethereum must stop depending on him if it is to be truly decentralised.
He Tweeted:
“Ethereum stops depending on me” is the correct emphasis. But very far away from me leaving.”
It seems that Schmidt is right when pointing out, how important it is to keep an eye on the ongoing implementation and disruptions due to Ethereum. He is of the view that, if Ethereum developers find a way to implement the Blockchain Technology on the greater levels, then it could prove to be a real beneficiary for people.
He said:
“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. And 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 really new invention.”
However it is interesting that Eric Schmidt was an early believer in Bitcoin. In 2014, he praised the then-obscure cryptocurrency as a unique technological advancement with massive potential.
Schmidt was then saying:
“Bitcoin is a remarkable cryptographic achievement and the ability to create something which is not duplicable in the digital world has enormous value.”
Schmidt has been a strong believer in bitcoin since 2014, according to him. He was first introduced to it by Julian Assange. who allegedly advised him to invest in BTC as it would be valuable in the future.
Schmidt whose net worth stands at around $13 billion said that he did not jump on the bitcoin bandwagon for money, but was reportedly fascinated by the immense potential of the technology behind it.
Balaji Srinivasan Expresses Optimism on Bitcoin and Cryptocurrencies
Coinbase’s CTO, Balaji Srinivasan, has recently made some waves by stating that cryptocurrency is entering the tech mainstream.
Srinivasan, who is a big venture capital investor and also Coinbase’s chief technological officer, noted that blockchain and cryptocurrency efforts are now quickly becoming the norm among Silicon Valley companies.
In a tweet, Srinivansan gave examples of a number of big players, which are considering to go the blockchain way. He started by saying that Sundar Pichai & Sergey Brin’s sons are involved in cryptocurrency mining, while companies such as Facebook, Microsoft, Amazon, and Google Cloud are considering to go the blockchain way:
Great piece. Just to summarize:
– Sundar Pichai & Sergey Brin’s sons are both mining crypto
– Facebook is doing blockchain
– Square open sourced some nice cold storage code
– Microsoft, Amazon, Google Cloud all have blockchain effortsCrypto is entering the tech mainstream. https://t.co/ew2k3k7YG7
— Balaji (@balajis) November 4, 2018