Cardano (ADA) founder Charles Hoskinson warns about the future of Bitcoin, asserting that the cryptocurrency will not survive in the long term. In recent comments that have ignited a strong backlash within the crypto community, Hoskinson criticized Bitcoin’s reliance on the broader industry and predicted a “slow death” for the digital asset if it fails to adapt.
Cardano founder Charles Hoskinson Predicts Bitcoin’s Demise
In a December 2023 interview that resurfaced in September, Charles Hoskinson suggested Bitcoin is no longer self-sufficient. He contended that the crypto business has outgrown its need for Bitcoin. Hoskinson referred to Bitcoin as a “religion” rather than an ecosystem, claiming that its reliance on hashrate for network security could lead to its demise.
Even though Bitcoin is holding strong at around $59,138.75 and boasts a market cap of $1.17 trillion, Hoskinson isn’t convinced that its label as “digital gold” will keep it on top. He claimed that Cardano’s decentralized operation in over 100 nations defines it as a revolutionary force in the blockchain sector. In contrast, he dismissed Bitcoin as antiquated, stating that Cardano represents the future of decentralized networks.
Cardano’s Big Decentralization Move Can’t Stop ADA’s Slide
On Sept. 1, Cardano completed the Chang hardfork, bringing in a token-based governance system. Hoskinson believes this makes Cardano more decentralized than Bitcoin.
Despite the milestone, ADA price has dropped 2.5% in the past 24 hours, now trading at $0.3381, and its market cap has fallen below $12 billion.
ADA slipped out of the top 10 cryptocurrencies on CoinMarketCap, plunging 89.2% from its all-time high in September 2021.
Cardano founder Charles Hoskinson dubbed Cardano a “governance virus,” emphasizing its self-sustaining and growing nature. He said that Cardano’s decentralized functioning in more than 100 countries distinguishes it as a revolutionary force in the blockchain sector.
Tuur Demeester Criticizes Cardano’s Decline: “Classic Projection”
When he took a jab at Cardano founder Charles Hoskinson, Tuur Demeester, a prominent Bitcoin analyst, didn’t mince words. Demeester referred to Cardano’s market valuation falling from 10% of Bitcoin’s to just 1% in three years as a “classic projection.” Adam Back echoed the criticism, claiming that Cardano’s value may “fall another 90%.”
Master Kenobi stated that ADA’s decentralization initiatives resulted in a 97.8% loss in value over seven years when compared to Binance Coin (BNB).
Meanwhile, despite Hoskinson’s criticism, Bitcoin’s market share plummeted from more than 70% in early 2021 to roughly 40% by September 2024, according to CoinGecko.
The post Bitcoin Will Die, Warns Cardano (ADA) Founder Charles Hoskinson appeared first on CoinChapter.
