Cardano Founder Charles Hoskinson Makes Bold Statement: “I Doubt Bitcoin’s Survival”
In a recent statement, Charles Hoskinson, the founder of Cardano (ADA), expressed his skepticism about the future of Bitcoin (BTC).
Hoskinson emphasized that Bitcoin relies heavily on the industry and various infrastructures for its survival, and without them, it is not self-sufficient. However, he also noted that the overall cryptocurrency ecosystem has evolved to a point where it no longer needs Bitcoin to flourish. “The industry has outgrown its dependence on Bitcoin,” he stated.
While acknowledging Bitcoin’s reputation as “digital gold,” Hoskinson pointed out that it is a token with a fundamentally deflationary monetary policy. He argued that new digital assets with strong scientific foundations could replace Bitcoin and provide equal or even greater security. “If there is solid scientific groundwork behind another digital gold, it can be just as secure, if not more,” he explained.
Hoskinson highlighted the meticulous scientific approach taken in the development of Cardano’s proof-of-stake protocol. He stated that the Cardano team has dedicated seven years to creating a secure and energy-efficient consensus protocol.
Despite these advancements, Hoskinson expressed disappointment in the Bitcoin community’s rejection of these efforts. He mentioned that the response from the Bitcoin ecosystem was dismissive, labeling the technology as a scam and asserting that perpetual motion and proof-of-stake were flawed concepts.
Drawing a parallel to Microsoft’s historical dominance with Windows, Hoskinson warned that Bitcoin could face a similar fate if it fails to adapt to changing technology paradigms. He expressed concerns that as the industry evolves and focuses on innovations outside of the Bitcoin network, Bitcoin may lose its relevance. “When you realize that 98% of what you’re doing is unrelated to Bitcoin, you start questioning why you should care about BTC,” he cautioned.
It is important to note that the views expressed by Hoskinson are his own and should not be considered as investment advice.
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