Former Google CEO Eric Schmidt, who has a net worth of $22.8 billion, revealed that he has put “a little bit” of money into cryptocurrencies. They said they find the economics of Web3 “interesting”, noting that the platform and usage patterns are interesting.
Former Google Head Eric Schmidt Discusses Crypto Investing and Web3
Eric Schmidt, the former CEO and chairman of Google, spoke about cryptocurrency investing and Web3 in an interview with CNBC published on Thursday.
Schmidt served as the CEO of Google from 2001 to 2011. He remained as Executive Chairman till 2017 and as Technical Advisor till 2020. His net worth currently stands at $22.8 billion according to the Bloomberg Billionaires Index.
Regarding his own crypto investments, he revealed that he has invested “a little bit” of money in cryptocurrencies, without naming any coins in particular. He further clarified that he is just starting to invest in crypto.
The 67-year-old explained that for him, the most interesting part of the blockchain is Web3. They said:
A new model where you control your identity as an individual, and where you don’t have a centralized manager, is very powerful. It’s very tempting and it’s very decentralized.
“I remember when I was 25 everything would be decentralized,” he said.
The former Google executive mentioned that if he is starting out as a software engineer today, he would like to work on AI algorithms or Web3.
Schmidt explained that his interest in Web3 includes “tokennomics,” which deals with the specific supply and demand characteristics of cryptocurrencies.
Noting that Web3 could come with new models for content ownership and new ways to compensate people, the former Google boss elaborated:
I[Web3′s] Economics is interesting. The platforms are interesting and the usage patterns are interesting.
However, he pointed out that it “doesn’t work yet, but it will.”
What do you think of Eric Schmidt’s comments? Let us know in the comments section below.
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