Cryptocurrencies and blockchain technologies have received the support of many influential people in the world of finance and technology despite the current bearish crisis that markets have suffered during 2018.
One of the latest personalities to join the list of those attracted to this type of technology is Eric Schmidt, the multimillionaire former president of Google, who remarked in an interview that Ethereum is so powerful that it could be the beginning of a technological revolution that changes the way modern society does business.
Blockchain: Socially Overrated, Technologically Underrated
Speaking in a podcast hosted by famous economist Tyler Cowen, Schmidt shared his impressions regarding an extensive repertoire of topics, however, when talking about blockchain technologies, his intervention, though brief, was quite optimistic.
Tyler asked Schmidt for his opinion on the various technologies. Schmidt had to say whether they are overvalued or undervalued. When it was his turn to talk about the blockchain, Schmidt said:
“In the public format [it is] overrated. In its technical use [it is] underrated”.
This view has been shared by an important number of investors, who recognize the value of technologies but criticize the “miraculous” conception that many have of blockchain technologies.
Schmidt: A Big Believer in Ethereum
Schmidt is of the group that believes that although the public tends to overestimate the current influence of technologies, actually they are full of potential:
He went on to explain that blockchain currently has fascinating uses in the financial sphere; however, he was especially emphatic in highlighting the potential of Ethereum as the “most obvious example” of what blockchain technologies can achieve:
“[Blockchain is] a great platform for private banking, banking transactions where people don’t trust each other.
I think the most interesting stud that’s going on are the beginning of execution on top of blockchain; the most obvious example being the capability of Ethereum: 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.”
According to a transcript of a conversation available on Wikileaks, Mr. Schmidt learned about Bitcoin from a conversation with Julian Assange in 2011.
The complete video of the conversation between Eric Schmidt & Tyler Cowen on The Future of Technology & Society is available below