Charles Hoskinson: The crypto industry no longer needs Bitcoin
2 min readMost people in the crypto space will know that Charles Hoskinson is not a big fan of Bitcoin. In an interview with Cointelegraph, he reiterated his negative stance. In it, he compared Bitcoin followers to a kind of religion and explained that, in his opinion, the crypto industry has outgrown its dependence on BTC.
Hoskinson said: “The industry no longer needs BTC to survive. It’s nice to have a digital asset like BTC that has that reputation and its digital purpose,” said Hoskinson, “But don’t forget that at the end of the day, the coin is a token with a deflationary monetary policy.”
Bitcoin’s lack of adaptability
Hoskinson’s opinion on Cardano’s approach is, of course, completely opposite to what he thinks about BTC. Cardano uses a proof-of-stake consensus mechanism and aims to achieve maximum scalability while maintaining decentralization and the highest security. He has previously claimed that Cardano is more decentralized than BTC, and casually referred to BTC maximalists as the “most difficult, toxic, and useless people to deal with.” In an even earlier interview, he called BTC blind, deaf, and stupid. Interestingly, Hoskinson conducted a poll on X in early May to get an idea of a partnership between Cardano and Bitcoin Cash, which is known to be a hard fork of BTC.
What is the Cardano price doing?
Charles Hoskinson may be celebrating Cardano, but the crypto market sees things a little differently. While other cryptocurrencies, including BTC and Ethereum, are enjoying double-digit price increases on a monthly basis, Cardano is stagnating. ADA has only increased by 1.5% on a monthly basis. The token is currently trading at 0.4705 USD, light years away from its former all-time high of 3.10 USD.
