Billionaire Eric Schmidt, the former chairman of Google, is a budding bitcoin and blockchain enthusiast who said ethereum could be a "powerful platform" whose untapped potential is off-the-charts.

Schmidt made the remarks during a live event with economist Tyler Cowen hosted by Village Global in San Francisco.

In the wide-ranging conversation, Schmidt discussed the future of technology, corporate governance reform, Google's hiring practices, and bifurcation of the internet.

Schmidt Now: Ethereum Has Major Potential

When asked whether he thought blockchain was overrated or underrated, Schmidt gave a compound answer. "In the public format, overrated. In its technical use, underrated," he said (video below). "Today, blockchain is a great platform for bitcoin and other currencies. And it's a great platform for private banking transactions where people don't trust each other."

Schmidt believes that exciting developments are occurring with ethereum that could revolutionize business and society.