Bitcoin Supporters Fire Back at Cardano’s Charles Hoskinson

• Cardano co-founder Charles Hoskinson stirred controversy by stating that the crypto industry no longer needs Bitcoin, likening it to a “religion” rather than an evolving ecosystem.
• In response to Hoskinson’s criticism, Bitcoin advocate Tuur Demeester highlighted Cardano’s significant market decline, noting that its market cap has dropped from 10% to just 1% of Bitcoin’s.

Cardano cofounder Charles Hoskinson recently made a controversial statement on Bitcoin stating that the industry doesn’t need Bitcoin anymore. He added that although it’s nice to have Bitcoin, it’s ultimately a token with a deflationary monetary policy, hinting that it can be replaced with another Digital Gold in the market. Of course, Hoskinson has faced a strong criticism from Bitcoin advocates and the community.

Along with slamming Bitcoin, Hoskinson took the opportunity to promote Cardano, stating that it has a Proof-of-Stake model, thereby making it energy efficient and thus allowing an ecosystem to be built around it. Speaking on Bitcoin further, he added, “I just don’t see how it survives. It’s a religion, not an ecosystem.”

NEW: 🔔 Charles Hoskinson, founder of Cardano, says that the crypto industry doesn’t need Bitcoin anymore. It’s nice to have, but “I just don’t see how it survives. It’s a religion, not an ecosystem.” pic.twitter.com/6OvIR0jpVJ

— DΛVID 🟢 (@DavidShares) September 1, 2024

Interestingly, Hoskinson compared Bitcoin to the Windows operating system, stating that it struggled to match iOS and Android adoption rates. He added that even if Bitcoin doesn’t lose its market share, it still risks losing attention and innovation. The Cardano founder further warned that Bitcoin could decline slowly if it fails to evolve.

Bitcoin Proponent Slams Cardano’s Charles Hoskinson

One of the popular Bitcoin proponents, Tuur Demeester slammed Cardano founder Charles Hoskinson following comments that sparked backlash from the Bitcoin community. Demeester highlighted the significant decline of Cardano and its market dominance in the past three years, with the emergence of new competitors in the market.

From 10% of Bitcoin’s market cap in the earlier years, Cardano now commands only 1% of the overall Bitcoin market cap. Cardano has also fallen out of the top 10 cryptocurrencies after once being a major player alongside Bitcoin and Ethereum. Currently, ADA is down a staggering 89.2% from its all-time high reached in September 2021. As of press time, the ADA price is trading 0.29% down at $0.3292 with a market cap of $11.83 billion.

Last Sunday, the Cardano team announced the much-awaited Chang hardfork upgrade, marking a major step towards community-led governance. This initiative has positioned Cardano as the first major blockchain to shift from a centralized governance structure to a token-based decentralized governance system, reported Crypto News Flash.

Amid the attacks on social media platform X in Brazil and the introduction of a ban, Hoskinson has also proposed for decentralized social media platform, reported CNF.