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Charles Hoskinson: The crypto industry no longer needs Bitcoin

2 min read

Most 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.

Charles Hoskinson: The crypto industry no longer needs Bitcoin
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 pointed out BTC lack of adaptability and its dependence on the proof of work consensus mechanism. Hoskinson believes that these are reasons why BTC existence is at risk. In fact, BTC is repeatedly criticized for its immense energy consumption and its proof of work consensus mechanism. In the interview, he also claimed that leading technology companies like Microsoft have had to adapt to technological changes such as laptops and cell phones in order to survive. In the case of BTC, however, he does not see how it could survive.
Charles Hoskinson: The crypto industry no longer needs Bitcoin

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.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.