Cardano Founder Declares Bitcoin No Longer Essential in the Crypto Industry
In a recent interview that was published on Thursday, Charles Hoskinson, the CEO of IOG, a profit-oriented company known for building Cardano (ADA) software, made a bold statement about the Bitcoin community, referring to it as a “religion” that is no longer sustainable.
Hoskinson criticized Bitcoin’s devoted following, stating that the crypto industry has moved beyond its reliance on Bitcoin (BTC). He acknowledged that while it is beneficial to have a digital asset with the reputation and digital goals that Bitcoin possesses, the industry has evolved and does not require Bitcoin to survive. According to him, Bitcoin is ultimately just a token with a deflationary monetary policy.
One of Hoskinson’s main criticisms of Bitcoin is its lack of adaptability and its dependency on proof of work. He compared it to leading tech companies like Microsoft, which had to adapt to technological changes in order to stay relevant. In his opinion, Bitcoin is more like a religion than an ecosystem.
This perspective on Bitcoin’s lack of adaptability is in stark contrast to Cardano’s approach. Cardano utilizes a proof of stake consensus mechanism and aims to address scalability and sustainability issues. Interestingly, Hoskinson conducted a poll on X on May 4 to gather opinions on Cardano (ADA) partnering with Bitcoin Cash to enhance performance by using technologies like proof of practical work.
These comments from Hoskinson come at a time when Cardano’s price has remained relatively stagnant compared to other digital currencies that have experienced significant gains following legislative crypto approvals. The token saw a peak price of $0.52 earlier in the month before dropping to a low of $0.42 twice.
Furthermore, there have been recent transfers of significant Cardano holdings to Solana and Rollblock by Cardano whales during a market uptrend. This was driven by the bullish momentum and impressive performance of these emerging tokens.
