In a recent interview, Charles Hoskinson, the CEO of IOG, a for-profit company developing Cardano (ADA) software, made bold statements about Bitcoin’s role in the cryptocurrency industry. Hoskinson criticized the unwavering support for Bitcoin, likening it to a religion, and declared that the crypto sector no longer depends on Bitcoin (BTC) for its survival.
“The industry doesn’t need Bitcoin anymore to survive. It’s nice to have a digital asset like Bitcoin that has that reputation and its digital gold,” Hoskinson stated. “Remember, at the end of the day, it’s a token with a deflationary monetary policy.”
Hoskinson argued that Bitcoin’s lack of adaptability and its reliance on the proof-of-work consensus mechanism are significant drawbacks. He compared the situation to how leading technology companies like Microsoft had to evolve with technological advancements such as laptops and cell phones to remain relevant.
“It’s a religion, not an ecosystem,” he remarked, underscoring his view that Bitcoin’s supporters are more akin to religious followers than participants in a dynamic technological ecosystem.
Contrasting Bitcoin’s approach, Hoskinson highlighted Cardano’s use of the proof-of-stake consensus mechanism, which aims to address issues of scalability and sustainability.
Ironically, on May 4, Hoskinson conducted a poll on X to gather opinions about a potential partnership between Cardano (ADA) and Bitcoin Cash to enhance performance using technologies like proof of practical work.
Cardano Price and Market Movements
Hoskinson’s comments come at a time when Cardano’s price has remained relatively stagnant while other digital currencies have experienced significant gains following recent legislative approvals for crypto. Earlier this month, Cardano reached a peak price of $0.52 but subsequently dropped to a low of $0.42 on two occasions.
Additionally, Cardano whales have recently transferred substantial holdings to Solana and Rollblock during a market uptrend, driven by bullish momentum and the strong performance of these emerging tokens.
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