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Former Google CEO and Chairman Eric Schmidt revealed that he has invested in cryptocurrency and that he is intrigued by Web3 economics.
In an interview with CNBC on Thursday, Schmidt who holds a net worth of $22.8 billion according to the Bloomberg Billionaire Index, said that without naming specific coins or amounts, he is a newbie crypto investor and has put “a little bit” of money into cryptocurrencies.
The most interesting space in blockchain for Schmidt is Web3, noting:
“A new model where you as an individual control your identity, and where you don’t have a centralized manager, is very powerful. It’s very seductive and it’s very decentralized.
I remember that feeling when I was 25 that decentralized would be everything.”
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Noting that if he were to start out today as a software engineer, Schmidt said he’d want to work on Web3 or Artificial Intelligence (AI).
Schmidt further explained that his fascination with Web3 involves “tokenomics”, the specific supply and demand characteristics of cryptocurrencies.
Although pointing that “[it] doesn’t work yet, but it will,” he concluded:
″[Web3′s] economics are interesting. The platforms are interesting and the use patterns are interesting.”