A video from 2014 showing Eric Schmidt praising Bitcoin reappeared on the internet after Finbold will find it. With just over a thousand views, the clip shows how excited the then CEO of Google is about BTC technology.
In particular, Schmidt mentions that Bitcoin is a great achievement, after all it managed to create something digital that cannot be duplicated, a problem that created a lot of headache for the industry due to the piracy of programs, music and everything else.
Eight years after his speech, the former Google CEO is now looking at web3. While he doesn’t think it’s functional, the billionaire says it’s only a matter of time before it works.
Google CEO praised Bitcoin when the cryptocurrency was still little known
The year was 2014, just a few days after Bitcoin entered a strong correction that reduced the price of the cryptocurrency by 65% after the Mt.Gox case. However, that hasn’t affected the confidence of the man who ran Google/Alphabet between 2001 and 2020.
With just over a thousand views, the video found after eight years shows Eric Schmidt excited about how Bitcoin solved the problem of digital duplicity, a topic that is still relevant in the industry today.
“Bitcoin is a remarkable cryptographic achievement. The ability to create something that is not replicable in the digital world is of enormous value.”
Next, note that this is incredibly useful for a number of other computing applications, noting that it could be a foundation for these.
“The architecture of Bitcoin, literally the ability to have these ledgers that cannot be replicated, is an incredible advance. A lot of people will build businesses on that.”
A good example of this was the creation of the stablecoin Tether (USDT), which for a long time was a token used within the Bitcoin block chain, through the technique called colored coins. Later, these applications moved to other cryptocurrencies, especially to ethereum.
Where are Schmidt and Google today with Bitcoin?
Eight years later, the former CEO of Google continues to follow the world of Bitcoin and cryptocurrencies. In December of last year, Schmidt was hired as a strategic advisor to Chainlink (LINK). Later, in June of this year, he criticized Ethereum, stating that it has to be redone.
Google, on the other hand, is more timid, but it is also entering this market. In January, it announced the creation of a team dedicated to digital assets and blockchains. That same month, YouTube praised cryptocurrencies, showcasing the company’s progress on the subject.
Regardless of how long it takes for its adoption to reach the biggest names in the industry, this future seems inevitable. After all, Bitcoin is internet’s currency and with each passing block, it further proves its security.