Former Google chairman and billionaire Eric Schmidt is quite the crypto advocate, stating that Ethereum could be a “powerful platform” with massive untapped potential, CCN reports.
The former search engine chief executive made his comments during a live event with economist Tyler Cowen hosted by Village Global in San Francisco.
Sometime in the conversation, Schmidt was asked about whether he believes blockchain is overrated or underrated, he responded with:
“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.”
Schmidt further explained that the current developments occurring on with Ethereum could lead to massive disruption within the business environment and society.
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“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,” he said. “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 has been a long-time believer in Bitcoin. Back in 2014, he praised the currency has a unique technological advancement with vast potential.