Recently, cryptocurrency and the Blockchain technology have gotten a lot of attention from reputable entrepreneurs around the world. The same has been the case with Google’s former Chairman, Eric Schmidt who spoke with an Economist, Tyler Cowen. The entrepreneur is of the opinion that Ethereum will bring about a revolution in the crypto space.
Blockchain is Socially Overhyped but Technologically Underrated
Eric Schmidt said that from a social point of view, Blockchain was overly hyped. On the other hand, its technological aspect was underrated. Accordingly, many people have an ideology of what Blockchain will become within a twinkle of an eye. In the same vein, only a few were aware of what it could achieve in the long run. The cryptocurrency will not only influence the Blockchain ecosystem but other industries.
Based on his opinion;
In the public format, it is overrated. In its technical use it is 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.”
The multimillionaire also went further to state that;
I think the most interesting stuff that’s going on is 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.
Google’s former Chairman is believed to have gained interest in cryptocurrency around 2011. This was during a conversation with Julian Assange, who advised him to invest in these type of digital assets. She was of the opinion that there are a lot of great possibilities for the industry which will be seen in the coming years.
Other Entrepreneurs Advocating for Blockchain Technology
Schmidt is not the only one who has publicly supported the Blockchain technology. This was the case of Reddit’s CEO, Alexis Ohanian who said that the bearish market was only going to bring about a revolution in cryptocurrency. The entrepreneur also noted that the current turn would easily sway only greedy spectators out of events.
There is also a similar case where the Former Star Trek actor, William Shatner tweeted in support of Ethereum’s CEO, Vitalik Buterin. The actor also defended him when a user had responded that the CEO is a scammer for not making Ethereum fully decentralized. Based on Shatner’s words, the user could go ahead and shove his dollars under his bed where bed bugs will only control it.