Former Google CEO Claims He's More Interested in Web 3 Than Crypto

Eric Schmidt, the former CEO of Google, has recently disclosed his views on the emerging blockchain industry, expressing that what fascinates him the most is not cryptocurrencies but the future of Web 3. Schmidt who's also served as chairman for Google noted that "tokenomics" is a notion that piques his interest in Web 3. However, he did disclose that he has invested a “little bit” of money in digital assets too. Schmidt goes on to state that if he were in a position to start his career as a software engineer today, he would focus on AI algorithms or Web 3.

“A new model [of the internet] where you as an individual [can] control your identity, and where you don't have a centralised manager, is very powerful. It's very seductive and it's very decentralised,” Schmidt tells CNBC in an interview. “I remember that feeling when I was 25 that decentralised would be everything,” he added.

He further pointed out that Web 3 would birth new models of content ownership and ways to compensate people for their creation. Schmidt added that, "[Web 3′s] economics are interesting. The platforms are interesting, and the use patterns are interesting," Schmidt says. "[It] doesn't work yet, but it will."

Moving to the topic of crypto, Schmidt admits that he admires cryptocurrencies, but added that most blockchain networks spend a lot of time ensuring no one attacks them. According to the former Google exec, the move is incredibly wasteful. Despite admitting that he holds some cryptocurrencies, Schmidt didn't name the specific coins he has invested in.

Though his time as Google CEO was over a decade ago — 2001 to 2011, to be precise, Schmidt still served as the internet giant's executive chairman until 2017, and its technical advisor until 2020. Since leaving the company, he's spent most of his time funding research in artificial intelligence, biology, and energy. However, on the cryptocurrency front, he also became a strategic advisor for Chainlink labs in December.