Former Google Top Exec Sees More Potential for Ethereum

Nov 09, 2018 at 1:22

Renowned tycoon and former Google chairman, Eric Schmidt, expressed good words for Ethereum as he described it as a “powerful platform” with a deep well of potentials.

He delivered the encouraging statement for the second largest cryptocurrency during an event organized by Village Global in San Francisco adding that developments in its platform can easily revolutionize business dealings and even societal functions.

“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 proclaimed.

Notably, the former Google executive was also among the earliest believer of Bitcoin. Back in 2014, he described the premiere cryptocurrency to be a unique tech advancement as it can create ledgers that cannot be copied even in the digital age where manipulation of records is perceived easier.

Meanwhile, when asked about the current state of blockchain technology, Schmidt said that it is overrated in the public format but its technical use is still 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,” he further stated.

With a net worth of at least $13.4 billion, the mogul is arguably a rare kind of champion for the crypto industry as his opinions can sway the public’s perception to be more positive of the disruptive technology.

Apart from Schmidt, other Google executives who are known to be supportive of cryptocurrencies include Google co-founder Sergey Brin and chief executive officer, Sundar Pichai.

However, it is quite ironic that the company has been very strict about the proliferation of some crypto-related content in the search engine website.

Last month, the company even released an advertisement that revealed its true sentiments toward Bitcoin and the entire crypto market as the company poked fun on the high cost of electricity involved in mining bitcoin and cryptocurrencies

As of this writing, Ethereum is valued at $214.5670 a piece with a market cap of $22.1 billion.