Former Google Chair Lauds Ethereum’s Potential
The endorsement of ethereum by the billionaire is important for the long-term adoption of cryptocurrencies.
Eric Schmidt Highlights Ethereum’s Application In Various Sectors
The former head of Google and current billionaire Eric Schmidt believes that ethereum has great potential going into the future. According to Schmidt, ethereum still harbors untapped potential.
He made the remarks while speaking during an event in San Francisco. The forum was organized by Village Global. He held a conversation with Tyler Cowen, a renowned economist. During the forum, they talked about various topics like the potential of the internet and Google's hiring process.
Schmidt when asked about the blockchain technology, he said that according to the masses, it is overrated. He added that from a technical point of view, the technology was understated. He pointed out that blockchain can play a key role in the financial sector where participants have issues of trust. Schmidt singled out ethereum saying that the platform has interesting projects that can change different aspects in the society.
Schmidt said that if ethereum can handle a worldwide synchronization of any activity, it will turn into a powerful system. His sentiments are similar to ethereum founder Vitalik Buterin’s take on the technology.
Recently, Buterin was forced to step forward and explain his role with ethereum after rumours emerged indicating that he was quitting the project. Buterin denied the reports. He maintained that he was devoted to encouraging the work of other engineers on the decentralized platform.
Schmidt's comments come as a surprise considering that four years ago, he was pro-bitcoin. Back then, he lauded bitcoin as a special technological development with huge potential. He lauded the creator of bitcoin for coming up with a product that had never before been created in the digital world.
Schmidt came to find out about bitcoin through Wikileaks founder Julian Assange. Assange had called on Schmidt to invest in bitcoin since it had the potential to be valuable in the future.
At the moment, Schmidt net worth stands at around $13.4 billion. If he was to get into cryptos now, then it would not be for money but the technology behind the coins.
Other Google senior executives have talked about their interaction with cryptocurrencies. Co-founder Sergey Brin and current CEO Sundar Pichai recently talked about cryptos being adopted in their own homes. The sons of the two executives have been involved in mining ethereum.