Cardano Founder: Crypto industry doesn’t need Bitcoin anymore

As a researcher with experience in the crypto industry, I find Hoskinson’s perspective on Bitcoin as a “religion” and an unsustainable token intriguing. Having followed the developments in the industry closely, I can appreciate his criticism of Bitcoin’s inflexibility and reliance on proof of work, which may hinder its ability to adapt to changing market conditions and technological advancements.

In a recent interview on Thursday, Charles Hoskinson criticized Bitcoin‘s community as being akin to a religion and unsustainable.

The CEO of Input Output Global (IOG), Hoskinson, spoke candidly in a recent interview, asserting that Cardano (ADA)’s parent company is profit-driven and criticizing Bitcoin’s devoted community. He likened the intense loyalty to Bitcoin to a religious following, stating that the crypto sector has surpassed its reliance on Bitcoin as the industry evolves.

As a researcher studying the intersection of technology and finance, I’ve come across the perspective that the industry no longer relies on Bitcoin to thrive. It’s an intriguing concept, and Hoskinson put it eloquently when he mentioned, “At the core, it’s just a token with a deflationary monetary policy.” Yet, there’s a certain allure to having such a well-known digital asset like Bitcoin in our collective financial landscape.

Hoskinson highlighted Bitcoin’s inflexibility and heavy dependence on the proof-of-work mechanism as potential threats. In the interview, he argued that major tech firms such as Microsoft had to evolve by embracing innovations like laptops and smartphones to remain competitive.

“It’s a religion, not an ecosystem,” Hoskinson said. 

As an analyst, I’ve observed that Hoskinson holds the view that Bitcoin’s inflexibility stands in contrast to Cardano’s methodology. Cardano, on the other hand, embraces a proof of stake consensus mechanism to tackle scalability and sustainability challenges.

On May 4th, Hoskinson posed a query on X platform to gauge perspectives regarding a potential collaboration between Cardano (ADA) and Bitcoin Cash. This partnership was proposed to enhance functionality through the application of technologies such as proof of practical work, ironically presented in a light-hearted manner.

Cardano price

The price of Cardano has remained relatively unchanged compared to other digital currencies, which have experienced notable growth following favorable crypto regulations. The majority of these gains occurred earlier in the month when the token hit a high of $0.52 before subsequently dipping down to a low of $0.42 on two occasions.

The true question is how many cycles Cardano will still survive

— Ivan Sherbakov (We’re hiring!) (@sherbakov_btc_) May 23, 2024

During an uptrend in the cryptocurrency market, major investors in Cardano moved large amounts of their holdings to Solana and Rollblock. This shift was likely fueled by the current bullish sentiment and the outstanding growth displayed by these up-and-coming tokens.

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2024-05-23 18:56