Ex-Google CEO Eric Schmidt has expressed support for Web3 and cryptocurrencies but believes the sectors need more polishing to deliver bleeding-edge performance.
Speaking to CNBC Tuesday, the former executive weighed in on the ongoing crypto crash that has seen the global crypto market shed over half of its market capitalization in just under eight months. To him, the wild volatility that is associated with cryptocurrencies was an indication that the general crypto sector and web3 had a long way to go.
“If you assume that Web3 was 10 times overhyped and it’s corrected 5 times, it’s got some more to go,” Schmidt told CNBC’s Andrew Ross. “The web3 vision is correct-The technology to make it happen needs to get built.”
To support his assertions, Schmidt went ahead to point out Ethereum, stating that the fact that the cryptocurrency’s price goes to crazy prices with a million transactions a day means that it is incredibly slow. “It needs to be rebuilt.” He added.
In April, Schmidt...
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