Bitcoin price has fallen below $20,000 per bitcoin from nearly $70,000 last year as the Federal Reserve pursues a hawkish series of rate hikes in its fight against inflation. The price of Ethereum has plummeted along with it —The $300 Million Game Changer May Not Have Been Priced Yet.
well ex google
Want to stay ahead of the market and understand the latest crypto news? Sign up for free now crypto codex—Daily newsletter for traders, investors and anyone interested in cryptocurrencies
“I’m historically skeptical,” Schmidt said at the SmartCon conference in New York this week alongside Chainlink Labs co-founder Sergey Nazarov. Decryption. Schmidt joined Chainlink Labs as follows: Strategy Advisor in December last year.
Chainlink uses software called oracles to connect data to the blockchain. It is designed to help scale cumbersome and unwieldy distributed networks. Chainlink’s Link cryptocurrency has fallen more than 80% since hitting an all-time high last May, beating the price declines 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 dominated by the likes of Google and Facebook’s Meta — is “out of the ordinary,” Schmidt said. Ethereum and other similar smart contract blockchains have had very high expectations in recent years that are “just a little bit ahead of reality.”
However, Schmidt noted that Ethereum’s long-awaited September merge saw Ethereum move from Bitcoin’s energy-hungry proof-of-work consensus model to a more energy-efficient proof-of-stake.・Upgrade [the crypto] The industry is getting its act together. ”
Sign up now crypto codex— Free daily newsletter for those interested in cryptocurrencies
Meanwhile, Schmidt warned that the looming regulation of cryptocurrencies could be premature. “Don’t ask for regulation too early,” Schmidt said.
This year, following the huge price booms of Bitcoin, Ethereum and cryptocurrencies in 2021, governments and regulators around the world began putting together regulations that they feared would stifle innovation in the industry and in cryptocurrencies.
last month, The Biden Administration Directed US Government Agencies To Tighten Enforcement Of Bitcoin And Crypto— A trillion dollar market could clash with regulators The White House Office of Science and Technology Suggested Bitcoin Could Be Banned.