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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, down from nearly $70,000 last year, while that the price of ethereum collapsed with it – with a stake of $300 million – the changer is still not included in the price.
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“I’m historically a skeptic,” 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 and cumbersome decentralized networks scale. Chainlink’s cryptocurrency, however, has fallen more than 80% since hitting an all-time high in May last year, outpacing price declines seen by bitcoin, ethereum and other major cryptos. -currencies.
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 “poor in capability”, with exorbitant expectations “a bit ahead of reality” in recent years.
However, Schmidt said the long-awaited Ethereum merger upgrade in September – which saw Ethereum’s transition from Bitcoin’s power-hungry proof-of-work consensus model to the more power-hungry proof-of-stake model energy-efficient – should be seen 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 in bitcoin, ethereum and crypto in 2021, governments and regulators around the world have begun crafting regulations that some believe could stifle the industry and crypto innovation.
Last month, the Biden administration asked 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 technology from the White House suggested that bitcoin could be banned.