Charles Hoskinson raises doubts over the survival of Bitcoin, the largest one in the market by market cap. As per the interview with the Cardano Founder, Bitcoin is nowhere to be seen in the absence of a flourishing Crypto industry.
This statement came as a reply to some of Bitcoin proponents who believe that Bitcoin has reached such a high level, that now, it does not essentially require a broader crypto industry for its functioning.
.@Cardano CEO @IOHK_Charles: “I don’t see how #Bitcoin survives. It’s a religion, not an ecosystem. So no, we don’t necessarily need $BTC.” 😱 pic.twitter.com/RZD4ITGfWe
— Cointelegraph (@Cointelegraph) May 23, 2024
In light of this view, Charles Hoskinson remarked that the situation somewhat contradicts what has been stated in words. He believes that the cryptosystem is self-sufficient enough to survive without Bitcoin however, Bitcoin requires the cryptosystem including exchanges and other infrastructures to ensure its smooth functioning.
“Bitcoin is not self-sufficient anymore,” he stated.
Will Any Asset Replace Bitcoin As Digital Gold?
The story does not end here. Even though Charles Hoskinson recognizes Bitcoin as digital gold, still he believes that Bitcoin is just a token with deflationary monetary policy at the end of the day.
He stated that Bitcoin might be replaced at any time by another digital asset that provided equal or even better security. Hoskinson considered the seven years of work that Cardano’s research and development team had put into creating a safe proof-of-stake (PoS) system. In fact, the system has been working on coming up with a secure consensus protocol that has all the essential properties of a Bitcoin token. However, the Bitcoin community has labeled all of these efforts as a scam.
What’s In For The Future Of Bitcoin?
In addition to the above-made statements, Hoskinson also remarked that he does not see Bitcoin, which he claims has a religion and not an ecosystem, surviving in the long term. Bitcoin has been compared to Microsoft, remarking that it would one day face a similar fate due to a huge technological market shift.
“We don’t necessarily need Bitcoin. Bitcoin is gonna have to grow, adapt, and change if it wants to survive long-term,” the Cardano founder added.
In fact, Bitcoin can lose its position in the crypto industry as it evolves and shifts its focus towards developing innovation outside the Bitcoin network.
Hence, even though what’s in for Bitcoin is unpredictable, the remarks made by the Cardano founder have been bold enough to change the shape of the future of the crypto world as a whole
That’s all for today!
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