Ethereum (ETH) Has Great Potential, Ex-Google CEO Eric Schmidt Says

Former Google Chairman Eric Schmidt has declared his confidence on the Ethereum blockchain. The Billionaire is blockchain and Bitcoin enthusiast described Ethereum as a “powerful platform” whose untapped potential is off-the-charts. He made the remarks on Nov.7, 2018 during a live event hosted by Village Global in San Francisco.

A Bullish Outlook on Blockchain and Ethereum

On his thoughts on blockchain and particularly on the issue of blockchain being overrated, Schmidt said:

“In the public format, overrated. In its technical use, underrated”.

He further elaborated on the technical use by elaborating that:

“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 exuded a lot of confidence on the developments taking place on the Ethereum platform. He indicated that the developments taking place are likely to revolutionize society and businesses. Schmidt was pointedly bullish on the problems Ethereum was likely to solve. He said:

“I think the most interesting stuff that’s going on is the beginning of execution on top of the 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: An Early Adopter

For clarity, Schmidt has always been a believer in Bitcoin. Notably, he unwaveringly lauded the then-neophyte cryptocurrency as a distinctive technological innovation with huge potential.

In 2011, in an interview published on WikiLeaks, Julian Assange urged Schmidt to embrace Bitcoin. Assange encouraged v saying:

“You should be an early adopter because your Bitcoins are going to be worth a lot of money one day,”

In a 2014 interview, Schmidt praised Bitcoin saying that:

“Bitcoin is a remarkable cryptographic achievement. The ability to create something which is not duplicable in the digital world has enormous value.”

He then proceeded to acclaim the Bitcoin architecture by describing it as:

“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.”

Schmidt is not the first scion of Google community to accept cryptocurrency. Google co-founder Sergey Brin and CEO Sundar Pichai are also great cryptocurrency enthusiasts. Interestingly, the two of them have sons who are actively engaged in mining Ethereum. Particularly, this week Pichai acknowledged that his 11-year-old son mines Ethereum on a home computer. On the other hand, Brin said he mines Ethereum with his son also admitted that he and his son mine Ethereum.