Speaking at an event organized by Village Global, Google’s former CEO Eric Schmidt had some great things to say about Ethereum. He told Tyler Cowen – who is an economics professor at George Mason University – that Ethereum is a powerful platform and its potential is off the charts.
“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,” he said.
Tyler and Schmidt discussed a wide range of topics on the future of technology, corporate governance reform, Google’s hiring practices and bifurcation of the internet.
When Tyler asked him whether blockchain technology is over-hyped or undervalued, Schmidt gave an affirmative answer. He said the technology is hugely undervalued in a technical perspective but exaggerated in the public format.
“In the public format, overrated. In its technical use, underrated. Today, blockchain is an excellent platform for bitcoin and other currencies. And it’s a great platform for private banking transactions where people don’t trust each other,” he told Cowen.
He added that the Ethereum platform is positioned to completely transform not only the existing economy but also the society.
Schmidt has been following bitcoin since 2011
Interestingly, Schmidt has been present in bitcoin history since the early beginnings. He said the first time he heard about it was in 2011. In 2013, the embattled founder of the Wikileaks Julian Assange told him to embrace bitcoin. Assange allegedly urged him to invest in bitcoin because its price will surge in future.
Ever since he became familiar with the cryptocurrency ecosystem, he has been speaking very highly of bitcoin, especially the technology that underpins it. In 2014, in a panel hosted at the Computer History Museum in California, Eric said that “Bitcoin is an awesome cryptographic achievement”.
Listen to full conversation here.