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Billionaire Eric Schmidt, former president of Google, is a passionate bitcoin and blockchain supporter who said that ethereum could be a "powerful platform" whose untapped potential is out of the charts.
Schmidt made the comments during a live event with the economist Tyler Cowen hosted by Village Global in San Francisco.
In the ample conversation, Schmidt discussed the future of technology, corporate governance reform, Google hiring practices and the bifurcation of the Internet.
Schmidt Now: Ethereum has greater potential
When asked if he thought the blockchain was overvalued or underestimated, Schmidt gave a compound answer. "In the public format, overrated, in its technical use, underestimated," he said (video below). "Today, blockchain is a great platform for bitcoins and other currencies, and it's a great platform for private banking transactions where people do not trust each other".
Schmidt believes there are exciting developments with ethereum that could revolutionize companies and society.
"I think the most interesting thing that's going on is the start of the execution at the top of the blockchain – the most obvious example is the ability to ethereum," Schmidt said.
"And if ethereum can find a way to make the global synchronization of that activity, this is a pretty powerful platform.This is a really new invention."
This is a bullish valuation that ethere co-founder Vitalik Buterin shares without a doubt.
As CCN has reported, Buterin has recently denied the rumors that he would pull back from the development of ethereum, saying he is concentrating on encouraging the work of other developers in the open source developer community.
Schmidt in 2014: "Bitcoin is an incredible progress"
Interestingly, Eric Schmidt was an early bitcoin believer. In 2014 he praised the then dark cryptocurrency as a unique technological advance with enormous potential.
"Bitcoin is a notable cryptographic success," Schmidt said. "The ability to create something that is not duplicable in the digital world has enormous value."
He continued: "The bitcoin architecture – literally the possibility of having these master books that can not be replicated – is an amazing progress." A lot of people will build businesses in addition. "
Schmidt was first introduced in Bitcoin in 2011 by the founder of Wikileaks, Julian Assange. In a five-hour Assange interview published on Wikileaks, Assange invited Schmidt to embrace bitcoin because it will one day be precious.
"You should be one of the first to adopt, because your bitcoins will be worth a lot of money someday," Assange told Schmidt.
Schmidt – whose equity exceeds $ 13.4 billion – probably did not need to enter the crypt for money, but was apparently fascinated by the new technology.
Other Google executives who are fans of cryptocurrency include Google co-founder Sergey Brin and CEO Sundar Pichai. Both technology billionaires have young children who have captured Ethereum, as reported by CCN.
Google CEO Sundar Pichai states that His Son is an etereum miner https://t.co/qVn0N4FeDq
– CCN (@CryptoCoinsNews) 3 November 2018
Pichai said his 11-year-old son pulled out ethereum on a home computer that Pichai built on his own. And Sergey Brin said that he extracts ethereum with his son.
"A year or two ago, my son insisted that we needed a gaming PC," said Brin. "I told him," Okay, if we get a gaming PC, we need to extract the cryptocurrency, so we created an etherum miner there. "
Featured image of Hecker / MSC via Wikimedia Commons
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