Charles Hoskinson, CEO of Input Output Global (IOG) and the architect behind Cardano (ADA), has asserted that the cryptocurrency industry has evolved beyond its dependence on Bitcoin (BTC).
In an interview released on Thursday, Hoskinson compared the fervent following of Bitcoin to a religious devotion, critiquing its sustainability and adaptability.
Hoskinson argued that while Bitcoin holds a venerable reputation as a digital asset, its deflationary monetary policy and reliance on proof of work make it less adaptable to the ever-changing technological landscape.
He likened Bitcoin’s current state to that of a stagnant entity, unable to keep pace with advancements.
“The industry doesn’t need Bitcoin anymore to survive,” Hoskinson remarked. “At the end of the day, it’s a token with a deflationary monetary policy.”
Hoskinson highlighted Bitcoin’s limitations and contrasted its rigid structure with Cardano’s flexible and scalable approach. Cardano employs a proof-of-stake consensus mechanism, which is designed to be more energy-efficient and adaptable. This method aims to address issues of scalability and sustainability that Bitcoin struggles with.
Hoskinson drew parallels with the tech industry, pointing out how companies like Microsoft had to evolve to survive, suggesting that Bitcoin’s failure to adapt could be its downfall.
“It’s a religion, not an ecosystem,” he stated, emphasizing the need for cryptocurrencies to evolve and integrate new technologies to remain relevant.
Interestingly, Hoskinson’s comments come at a time when Cardano’s price has seen little movement compared to other digital currencies. Despite legislative approvals in the crypto space, Cardano’s price has remained relatively flat, peaking at $0.52 earlier in the month before falling back to $0.42 twice.
Additionally, significant transfers of Cardano holdings to other emerging tokens like Solana and Rollblock during a recent market uptrend suggest a shift in investor confidence. These moves were fueled by the strong performance and bullish momentum of these newer tokens.
Hoskinson recently conducted a poll on social media platform X, asking for opinions on whether Cardano should partner with Bitcoin Cash to enhance performance using technologies like proof of practical work. This engagement highlights the ongoing efforts within the Cardano community to seek innovative solutions and partnerships, even as Hoskinson critiques Bitcoin’s place in the crypto ecosystem.
