NEW YORK (InsideBitcoins) — One of the foremost thought leaders on technology in the world — a former bitcoin skeptic — has changed his mind. Don Tapscott, described by Eric Schmidt, the executive chairman of Google, as “one of the most perceptive thinkers about the way technology is transforming business and society,” used to think bitcoin “would never fly.”

“I’ve changed my mind. I used to think it would never fly.”

Tapscott, a member of World Economic Forum, chancellor of Trent University, and adjunct professor of management for the Rotman School of Management at the University of Toronto, now believes bitcoin’s blockchain technology “is a core part of the next generation of the internet, that will radically transform many of our institutions in society.”

Asked for his thoughts on bitcoin after a recent presentation at at Toronto school, Tapscott gave what many are saying is the best 60-second explanation of bitcoin and its potential:

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