Cardano Founder Charles Hoskinson Makes Bold Statement: “Bitcoin’s Survival is in Doubt”
Charles Hoskinson, the founder of Cardano (ADA), has expressed serious doubts about the future of Bitcoin. According to him, Bitcoin is heavily reliant on the industry and infrastructure surrounding it, and it is not self-sufficient on its own.
Hoskinson believes that the overall cryptocurrency ecosystem has evolved to a point where it no longer needs Bitcoin to thrive. He stated, “The industry no longer needs Bitcoin to survive.”
While acknowledging Bitcoin’s reputation as “digital gold,” Hoskinson pointed out that it has a fundamentally deflationary monetary policy. He argued that there are new digital assets with strong scientific foundations that can potentially replace Bitcoin and offer equal or even greater security. “Another digital gold could emerge at any time, and if it has a solid scientific basis, it can be just as safe, if not safer,” he stated.
Hoskinson highlighted the meticulous scientific approach taken in the development of Cardano’s proof-of-stake protocol. He emphasized that the team has spent seven years creating a secure and energy-efficient consensus protocol.
However, Hoskinson expressed disappointment at the Bitcoin community’s rejection of these efforts. He revealed that the response from the Bitcoin ecosystem was that it was a scam and that technologies like perpetual motion and proof-of-stake were flawed.
Drawing a parallel to Microsoft’s historical dominance with Windows, Hoskinson warned that Bitcoin could face a similar fate if it fails to adapt. He voiced concerns that as the industry evolves and focuses on innovations outside of the Bitcoin network, Bitcoin may lose its significance. He questioned, “Why do I really care about BTC when 98% of what I’m doing is outside of Bitcoin?”
Please note that this article does not provide investment advice.
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