Multi-billionaire Eric Schmidt, former executive chairman of Google, spoke during a live event with economist Tyler Cowen on the show “Lessons from Lumineers” hosted by Village Global. Schmidt commented on blockchain and its potential as well as cryptocurrency amongst a wide variety of topics.
Commenting on public opinion, technical capabilities of blockchain technology, and its intrinsic value, Schmidt stated:
“In the public format, overrated. In its technical use, underrated.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.”
In terms of cryptocurrency, Schmidt lauded the potential of ethereum, and its impact on a multitude of industries.
“I think the most interesting stuff that’s going on are 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.”
Schmidt isn’t quite new to cryptocurrencies, as the infamous Julian Assange, the founder of Wikileaks, expressed the need to invest in Bitcoin as posted in a five-hour interview on the whistle-blowing website, back in 2011.
Assange is quoted as saying:
“You should be an early adopter, because your bitcoins are going to be worth a lot of money one day,” Assange told Schmidt.
The Google billionaire seemed to have taken the hint, as he believed that the flagship digital asset was destined to have a huge impact, being quoted as far back as 2014:
“Bitcoin is a remarkable cryptographic achievement. The ability to create something which is not duplicable in the digital world has enormous value. The bitcoin architecture, literally the ability to have these ledgers which can’t be replicated, is an amazing advancement. Lots of people will build businesses on top of that.”