‘Better Tech’—The Famous Google Billionaire Is Backing Radical Bitcoin And Ethereum Rivals Despite The $2 Trillion Crypto Price Crash

Bitcoin
BTC
ethereum and the other top ten cryptocurrencies have fallen this year, losing a combined $2 trillion (although price forecasts are still being made).

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As the Federal Reserve pursues a series of hawkish interest rate hikes to fight inflation, the price of bitcoin has fallen by $20,000 from last year’s $70,000, while the price of ethereum has fallen by $300 million — an exchange that may still be undervalued.

Now, former Google
GOOG
According to CEO and billionaire Eric Schmidt, Chainlink – which was already a top ten cryptocurrency in 2020 – has “better technology” and is “better than cryptocurrencies like bitcoin and ethereum”.

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“I’m historically a skeptic,” Schmidt said this week at the SmartCon conference in New York, alongside ChainLink Labs founder Sergey Nazarov. Decrypt. Schmidt joined Chainlink as a strategic consultant in December last year.

Chainlink uses software called oracles to connect the data to the blockchain, which is designed to help scale complex and difficult decentralized networks. The chainlink cryptocurrency has fallen more than 80% since hitting an all-time high in May last year, adding to the decline seen in bitcoin, ethereum and other major cryptocurrencies.

Web3—the idea that a blockchain-based decentralized Internet will eventually replace the Silicon Valley-centric Web 2.0 run by Google and Facebook’s Meta—is “non-standard,” Schmidt said, as are blockchains of ethereum and other similar smart contracts. In recent years, “slightly ahead of reality” sky-high expectations “poor in their ability.”

However, Schmidt said Ethereum’s much-anticipated September merger upgrade—which saw Ethereum switch from Bitcoin’s power-hungry proof-of-stake model to a more energy-efficient proof-of-stake—should be taken as a sign. [the crypto] The industry is working together.”

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Meanwhile, Schmidt warned that looming crypto regulation could come prematurely. “The rule is don’t ask ahead of time,” Schmidt said.

This year, in the wake of 2021’s massive Bitcoin, Ether, and crypto price increases, governments and governments around the world have begun putting together laws that some regulators say could stifle the industry and crypto innovation.

Last month, the Biden administration ordered U.S. government agencies to double down on bitcoin and crypto enforcement—putting the $1 trillion market at odds with regulators after the White House Office of Science and Technology suggested it might be banned.