Former Google CEO and Chairman Eric Schmidt is simply impressed by the architecture on which Bitcoin is based. He believes in encryption. In fact, in our recent article, he reveals that he has invested “a little” money in it.
A video is now making the rounds in the virtual stratosphere showing Google’s top honcho hailing Bitcoin technology as a “remarkable achievement.”
The video was actually a clip from 2014 when Schmidt spoke at the Computer History Museum. In the video, the former Google big boss outlined Bitcoin’s underlying design – and why it’s important in the modern age.
“Bitcoin is a remarkable cryptographic achievement… The ability to create something that cannot be replicated in the digital world has enormous value,” he said.
Bitcoin is an “amazing” advance, says Schmidt
According to Schmidt, the fundamental architecture of encryption… “is an amazing advance. A lot of people will build businesses on top of that.”
Schmidt is an American entrepreneur and software engineer who served as Google’s CEO from 2001 to 2011 and oversaw one of the company’s most significant growth phases.
The Virginia native served as executive chairman of Alphabet Inc. from 2015 to 2017 and as a Technical Advisor from 2017 to 2020.
Schmidt made these comments at a time when Bitcoin (BTC) was still fighting for global popularity. Although his views on the cornerstone of cryptocurrency went unnoticed at the time, he helped pave the way for its global recognition.
Schmidt’s perspective on Bitcoin technology is consistent with a recent revelation in which he highlighted his interest in the technology behind cryptocurrencies. The position of the 67-year-old former CEO of Google can be seen as a major boost for the future of cryptocurrencies.
The billionaire invests in cryptocurrencies
Schmidt did not specify which cryptocurrencies he currently owns, stating that he is “just starting” to invest in them.
Since leaving Google, he has devoted most of his attention to philanthropic efforts through his Schmidt Futures initiative, through which he funds fundamental research in areas such as biology, energy and artificial intelligence.
It is worth noting that the developments in the former executive’s cryptocurrencies have accelerated over time. For example, he joined the Chainlink team in 2021 as the company’s strategy advisor. In addition, he authored the book “The Age of AI”, which examines the future of the technology industry.
Schmidt is ranked 54th on the Bloomberg Billionaires Index list of the world’s richest people as of April 2022, with an estimated net worth of $25.1 billion.
BTC total market cap at $439 billion on the weekend chart | Source: TradingView.com Featured image from Techzine.nl, chart from TradingView.com