In a new resurfaced video, former Google CEO Eric Schmidt hailed Bitcoin’s (BTC) technology as a major achievement in the cryptographic scene.
While speaking at the Computer History Museum in 2014, Schmidt noted that Bitcoin’s technology is important but expressed skepticism regarding the asset’s utilization as a currency.
He stated that Bitcoin’s technology setup could power more businesses in the future. Interestingly, Schmidt made the remarks at a period when Bitcoin’s adoption was still low across the globe, and his stand can be viewed as a major boost for the asset’s prospects.
“Bitcoin is a remarkable cryptographic achievement,” he said on a panel. “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. Lot’s of people will build businesses on top of that,” he said.
Schmidt’s interest in crypto technology
Generally, Schmidt’s take on Bitcoin’s technology aligns with a recent revelation where he highlighted his focus on the technology underlying cryptocurrencies. He shared his current interest in Web3. According to Schmidt:
“A new model [of the internet] where you as an individual [can] control your identity, and where you don’t have a centralized manager, is very powerful. It’s very seductive and it’s very decentralized”.
The former Alphabet technical advisor, confirmed that his interest in Web3 centers around tokenomics, a system affecting digital currencies’ specific supply and demand characteristics.
It is worth noting that over the years, the former executive increasingly advanced his inroads in crypto. For instance, in 2021, he joined the Chainlink team as the firm’s strategy advisor. He also co-authored the book “The Age of AI,” highlighting the future of the technology sector.
Schmidt’s criticism of existing blockchains
Additionally, Schmidt has been critical of existing blockchains noting that a majority are concentrated on ensuring they are not attacked, a factor he considers a waste of time. His criticism has extended to the Metaverse concept, maintaining that the sector is not defined.
Elsewhere, Schmidt revealed that he had invested “a little bit” of money into cryptocurrencies. However, he did not name any cryptocurrency he had invested in.
Watch the full video below: