Charles Hoskinson, CEO of IOG company and founder of the cryptocurrency Cardano, expressed a critical opinion about Bitcoin in a recent interview, stating that the modern crypto industry has outgrown its dependence on this first cryptocurrency. Hoskinson compared Bitcoin to a religion and emphasized that although it has significance and a good reputation, essentially it is just a token with a deflationary monetary policy.
Insufficient Adaptability of Bitcoin
According to Hoskinson, Bitcoin suffers from insufficient adaptability, especially in light of its dependence on the proof-of-work algorithm, which requires significant computational power and energy-intensive processes. He cited technological giants such as Microsoft, which were able to survive and thrive by adapting to new technological trends, such as laptops and mobile phones.
Cardano and the Future of Cryptocurrency
Cardano (ADA), the cryptocurrency founded by Hoskinson, operates on the proof-of-stake consensus algorithm, which addresses scalability and ecosystem sustainability issues and, in Hoskinson’s opinion, better meets the requirements of the modern market. Currently, ADA ranks 11th in market capitalization among cryptocurrencies, and its price has increased by 1.5% in the last week, while Bitcoin has gained 4.2%.
Looking Ahead
Therefore, Hoskinson believes that the crypto industry should move forward, relying on more modern technologies and approaches than Bitcoin, which, despite its historical significance, may not meet the requirements of the current time.
