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In a recent interview, Charles Hoskinson, CEO of IOG, described the following of Bitcoin as a ‘religion’ and deemed it unsustainable.
Hoskinson, who leads the company behind the development of Cardano (ADA), made a bold statement criticizing Bitcoin’s dedicated following. He emphasized that the cryptocurrency industry 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 with its reputation and digital goal,” Hoskinson stated. “Remember, at the end of the day, it’s a token with a deflationary monetary policy.”
Hoskinson pointed out Bitcoin’s lack of adaptability and its reliance on the proof of work mechanism as potential threats to its sustainability. He drew parallels with leading tech companies like Microsoft, which had to adapt to technological changes such as laptops and cell phones to remain relevant.
“It’s a religion, not an ecosystem,” Hoskinson remarked.
Contrasting Bitcoin’s approach, Cardano employs a proof of stake consensus mechanism, aiming to tackle issues of scalability and sustainability. Interestingly, on May 4, Hoskinson conducted a poll on X to gather opinions on whether Cardano (ADA) should partner with Bitcoin Cash to enhance performance using technologies like proof of practical work.
As for Cardano’s market performance, its price has remained relatively stagnant compared to other digital currencies that have seen significant gains following recent legislative crypto approvals. Earlier in the month, Cardano’s price peaked at $0.52 before dropping to a low of $0.42 twice.
The true question is how many cycles Cardano will still survive — Ivan Sherbakov (@sherbakov_btc) May 23, 2024
Recently, significant Cardano whales transferred large holdings to Solana and Rollblock during a market uptrend. This movement was driven by recent bullish momentum and the impressive performance of these emerging tokens.
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