New 2014 Video Shows Former Google CEO Hailing Bitcoin as ‘Remarkable’

New 2014 Video Shows Former Google CEO Hailing Bitcoin as ‘Remarkable’
New 2014 Video Shows Former Google CEO Hailing Bitcoin as ‘Remarkable’

In a newly surfaced video, former Google CEO Eric Schmidt hailed Bitcoin’s (BTC) technology as a major achievement in the cryptographic scene.

Speaking at the Computer History Museum in 2014, Schmidt noted that Bitcoin’s technology is important, but expressed skepticism about the asset’s use as a currency.

He stated that Bitcoin’s technology setup could power more businesses in the future. Interestingly, Schmidt made the remarks during a period when Bitcoin’s adoption was still low across the globe, and his stance can be seen as a big boost for the asset’s prospects.

“Bitcoin is a remarkable cryptographic achievement,” he said on a panel. “The ability to create something that cannot be duplicated in the digital world has enormous value <...> The Bitcoin architecture, literally the ability to have these ledgers that cannot be replicated, is an amazing advance. A lot of people will build businesses on top of that, he said.

Schmidt’s interest in crypto-technology

In general, Schmidt’s views on Bitcoin’s technology are in line with a recent disclosure in which 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] controlling your identity, and where you don’t have a centralized leader, is very powerful. It is very seductive and very decentralized”.

The former Alphabet technical advisor confirmed that his interest in Web3 revolves around tokenomics, a system that affects the specific supply and demand characteristics of digital currencies.

It is worth noting that over the years, the former leader has increasingly promoted his forays into crypto. In 2021, for example, he joined the Chainlink team as the firm’s strategy advisor. He also co-authored the book “The Age of AI”, which highlights the future of the technology sector.

Schmidt’s criticism of existing blockchains

In addition, Schmidt has been critical of existing blockchains, noting that a majority are focused on ensuring they are not attacked, a factor he considers a waste of time. His criticism has extended to the Metaverse concept, arguing that the sector is not defined.

Elsewhere, Schmidt revealed that he had invested “some” money in cryptocurrencies. However, he did not mention any cryptocurrency he had invested in.

Watch the full video below:

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