Cardano Creator Doesn’t Think Bitcoin Can Survive

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As a seasoned crypto investor who has witnessed the rise and fall of numerous digital assets, I have learned to take statements from industry leaders with a grain of salt. Charles Hoskinson’s recent reiteration that Bitcoin needs the industry to survive while the industry doesn’t need Bitcoin anymore is a perspective I find intriguing but not entirely convincing.

In a recent conversation, Charles Hoskinson, the creator of Cardano (ADA), stated that Bitcoin isn’t an independent blockchain because it relies on the broader crypto industry and trading platforms for its survival. However, he believes that the crypto sector no longer depends on Bitcoin in the same way.

The interview was given by Hoskinson at the beginning of last December but was mentioned this September, as one of the followers of the crypto entrepreneur asked if he still feels this way about Bitcoin. Spoiler – yes.

In simpler terms, Hoskinson previously suggested that while possessing assets like digital gold is beneficial, there’s always a chance that another asset could appear, claiming to surpass gold in value, due to superior scientific backing.

💡 @IOHK_Charles explains why Bitcoin needs the industry to survive. #Cardano #Bitcoin

— St₳ke with Pride 🌈 SPO & DRep (@StakeWithPride) December 7, 2023

He also called Bitcoin a religion and not an ecosystem, and he said that the first cryptocurrency should grow, adapt and shape to survive the long term.

True or false?

Even though this interview occurred some time ago, its recent resurfacing sparked a significant response within the cryptocurrency community. However, there’s a twist to consider: Although Hoskinson forecasted Bitcoin’s demise, the crypto community reacted by strongly criticizing Cardano. Once again, they labeled Cardano as a ghost chain and emphasized the decentralized essence of Bitcoin.

It’s noteworthy that an interview with Hoskinson appeared on my feed, coinciding with Cardano undergoing its largest hard fork yet. The main aim of this update was to ensure a fully decentralized system.

Yesterday at 9:45 p.m. UTC, an event called “Chang” took place, honoring the well-known Cardano developer Phil Inje Chang. This event marks the implementation of the Chang hard fork, as announced by Cardano, which aims to fully decentralize the network. From now on, the ADA community and stakers will be responsible for managing the system.

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2024-09-02 15:23