Eric Schmidt: Bitcoin Has Enormous Value
on Saturday, April 18, 2015Eric Schmidt Money Quotation saying the technology that enables cryptocurrency is highly valuable because it defies digital copying. Eric Schmidt said:
“Bitcoin is a remarkable cryptographic achievement and the ability to create something which is not duplicable in the digital world has enormous value” — Eric Schmidt
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Eric Schmidt said that Bitcoin is a remarkable cryptographic achievement because it allows for something to be created that cannot be easily copied digitally. The technology that powers Bitcoin, called blockchain, allows transactions to be recorded in a way that makes them nearly impossible to fake or duplicate.
This gives Bitcoin enormous value, according to Eric Schmidt, because it solves the problem of digital copies by creating scarcity and verifiability in the digital world for the first time. The fact that Bitcoin has value that cannot be duplicated well is what makes it such an important technological achievement.