Early Google Executive Says Bitcoin's Utility Is Playing Out Amid 'Deglobalization,' Which Could Be A Big Bet For Next 5-10 Years

David Friedberg, an early Alphabet Inc. GOOG GOOGL executive who is now focused on environment and sustainibility, said he is seeing the utility of Bitcoin BTC/USD playing out in the context of deglobalization.

What Happened: “I do see the utility of Bitcoin over time really playing out in this context of deglobalization. I just think deglobalization is the big bet of the next five to ten years,” Friedberg said during an interview on CNBC.

The former Google executive noted that Bitcoin has become a safe haven, particularly when entire countries and banking systems have been taken off the Swift network.

A video of Friedberg’s comments made to CNBC was shared on Twitter by “Inside Bitcoin” podcast host Neil Jacobs, along with a tweet that everyone eventually “gets” it.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Friedberg is the CEO of technology incubator and investment holding company The Production Board as well as the founder of insurance-focused fintech Metromile Inc. MILE.

The Production Board finances start-ups focused on agriculture technology, sustainability and advancements in life sciences.

Friedberg’s comments about Bitcoin assume significance amid concerns over the cryptocurrency’s environmental impact. The potential environmental damage of cryptocurrency mining has been a subject of debate and controversy.

Metromile said in May last year that it would accept premiums and pay claims in Bitcoin.

Price Action: Bitcoin is up 3.5% during the past 24 hours, trading at $39,720.61 at press time.

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Photo: Courtesy of Thomas Hawk on Flickr