A 2014 video by Eric Schmidt praising Bitcoin has surfaced on the internet recently. The video has just over a thousand views, showing how excited the Google CEO at the time was about BTC technology.
While speaking at the Computer History Museum in 2014, Schmidt noted that Bitcoin’s technology is essential but expressed skepticism about using the asset as a currency.
In particular, Schmidt mentioned that Bitcoin is an outstanding achievement; after all, it has managed to make some crypto products that cannot be copied; this problem has caused a lot of trouble for the industry due to piracy of programs, music, and any other items.
Eight years after his presentation, the former Google CEO has set his sights on Web3. Although he doesn’t believe it works, the billionaire insists it’s only a matter of time.
That year was 2014, and just days after BTC entered a sharp correction, the BTC price dropped 65% after Mt.gox. However, that doesn’t shake the faith of the man who ran Google/Alphabet from 2001 to 2020.
The video, discovered eight years later, with just over 1,000 views, shows Eric Schmidt getting excited about how Bitcoin can solve the problem of cryptocurrency duality, which is still relevant in the industry today.
“Bitcoin is an amazing cryptographic achievement. The ability to create something that cannot be replicated in the Crypto world has enormous value.”
Next, note that this is useful for many other computer applications, and point out that it can prove to be the foundation of those applications.
“The architecture of Bitcoin, the ability to actually have these ledgers that can’t be replicated, is an incredible advance. A lot of people will build on that.”
A good example is the creation of the stablecoin Tether (USDT) through a technology called colored coins, which has long been the coin used in the Bitcoin blockchain. Later, these applications migrated to other cryptocurrencies, especially Ethereum.
Schmidt’s adoption of Bitcoin’s technology is in line with a recent revelation where he emphasized his focus on the underlying technology of cryptocurrencies. He shares 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”.
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