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The price of bitcoin has fallen below $20,000 per bitcoin as the Federal Reserve continues a series of hawkish interest rate hikes in its war on inflation, from nearly $70,000 last year, while that the price of ethereum has crashed with it, with a $300 million game-changer still potentially unconsidered.
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“I’m historically skeptical,” Schmidt said at SmartCon in New York this week alongside Chainlink Labs co-founder Sergey Nazarov, it was reported by Decrypt. Schmidt joined Chainlink Labs as a strategic advisor in December last year.
Chainlink uses software called oracles to connect data to blockchains, designed to help bulky, cumbersome decentralized networks scale. Chainlink’s cryptocurrency, however, has crashed more than 80% since hitting an all-time high in May last year, outpacing price declines seen by bitcoin, ethereum and other cryptocurrencies. majors.
Web3 — the idea that a blockchain-based decentralized internet will eventually replace Silicon Valley-centric Web 2.0 which is dominated by Google and Facebook’s Meta — is “not normal,” Schmidt said, warning that ethereum and other similar smart contract blockchains are “mediocre in capability,” with skyrocketing expectations “a bit ahead of reality” in recent years.
However, Schmidt said that Ethereum’s long-awaited merger upgrade in September – which saw Ethereum move from Bitcoin’s energy-intensive proof-of-work consensus model to the more energy-efficient proof-of-stake – is expected to be considered as “a sign that [the crypto] the industry is recovering.
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Meanwhile, Schmidt warned that impending crypto regulation could come prematurely. “Don’t ask for regulation early,” Schmidt said.
This year, following the huge price boom of bitcoin, ethereum and crypto in 2021, governments and regulators around the world have started to put in place regulations that some fear will not work. are stifling the crypto industry and innovation.
Past the Biden administration ordered US government agencies to double down on bitcoin and crypto enforcement—potentially putting the $1 trillion market on a collision course with regulators after the Office of Science and White House tech suggested bitcoin could be banned.