Charles Hoskinson, the CEO of Cardano, has publicly responded to intense scrutiny after his critical remarks on Bitcoin surfaced from a previously recorded video. The controversy ignited a fiery debate within the crypto community about the future and necessity of Bitcoin in the evolving digital currency landscape.
In the contentious video, Hoskinson questioned the long-term viability of Bitcoin, suggesting that the crypto industry has outgrown the need for what many consider the original digital gold. He proposed that newer technologies with robust scientific support might soon eclipse Bitcoin's prominence. "Bitcoin needs the industry to survive... But the industry doesn’t need Bitcoin anymore. I just don't see how that survives. It’s a religion, not an ecosystem. So no, we don’t necessarily need Bitcoin," Hoskinson argued.
His comments sparked immediate backlash from Bitcoin supporters, including analyst Tuur Demeester, who pointed out Cardano's decreased market share compared to Bitcoin. Over the past three years, Cardano’s value has dropped from 10% to just 1% of Bitcoin’s, despite the recent 'Chang' hard fork which aimed to enhance its governance structure.
In response to the mounting criticism, Hoskinson took to X (formerly Twitter) to reflect on his journey with Cardano, noting both the challenges and achievements. He emphasized Cardano's role as a transformative force in the blockchain sector, likening it to a "decentralized nation" operating in over 100 countries. "This dwarfs Bitcoin. It’s unique, and books will be written about what has happened. Cardano is now a governance virus that is living, self-replicating, and self-sustaining. It has intelligence and a will to survive and grow. Nothing can shut it down. Nothing can stop its growth," he detailed.
Despite the controversies, the Cardano community has rallied behind Hoskinson, affirming his significant contributions to the cryptocurrency world, including his foundational work with Ethereum and early Bitcoin education initiatives. The ongoing debate highlights the dynamic and often contentious nature of cryptocurrency innovation and leadership.
Source: Charles Hoskinson Breaks Silence After Crypto Community’s Outrage on Bitcoin Criticism
