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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Hoskinson Claims Cardano Will Flip Bitcoin As Leading Crypto

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Cardano Charles Hoskinson vs Bitcoin

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In an interview with the hosts of “Altcoin Daily,” a popular cryptocurrency-focused YouTube channel, Charles Hoskinson, the founder of Cardano, made bold assertions about the future of Cardano in relation to Bitcoin. Addressing nearly 1.5 million subscribers, Hoskinson laid out a vision for Cardano that he believes will not only compete with but eventually surpass Bitcoin as the world’s leading cryptocurrency.

Why Hoskinson Believes Cardano Will Flip Bitcoin

Hoskinson’s argument hinges on the unique attributes of the Cardano ecosystem, which he claims will drive its growth to surpass Bitcoin. He outlined a comprehensive strategy that leverages global adoption and technological superiority to position Cardano at the forefront of the crypto space. “If we can do what I’m saying, there’s no way to beat Cardano,” Hoskinson claimed, adding, “At the end of the day, it has lived up to what Satoshi started.”

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He drew attention to the global efforts underway to integrate Cardano into various economic and political systems. These efforts, according to Hoskinson, are not isolated but part of a coordinated push to establish Cardano’s utility across continents. “Some people are in Argentina right now and they’re fighting like hell to get the Argentine government to adopt some things. Some people are in Ghana right now fighting like hell to get the Ghana government to do things,” he elaborated.

Elaborating on the dynamics to build a system of global size, Hoskinson claimed: “So if you build a growth engine that doesn’t lose its people and it’s always adding people and you build a growth engine where you can absorb all the technology of your competitors at some point, you just outgrow and then you wake up and it’s a multi-trillion dollar ecosystem with trillions of dollars of value moving around around every single day.”

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Central to Cardano’s strategy is the empowerment of a decentralized community that actively contributes to the platform’s development. Hoskinson detailed the operational dynamics within the Cardano ecosystem, noting the presence of over 300 decentralized applications (dApps) that are not only live but thriving. “Every one of them has a team and a CEO and all kinds of people, and they’re fighting like hell to get their stuff growing,” he emphasized.

Bitcoin = MySpace?

The Cardano founder stressed the importance of designing systems that bring communities together to take collective action towards common goals. This community-centric approach, he argued, is what will ultimately enable Cardano to “flip” Bitcoin. He asserted that Bitcoin’s current value proposition mirrors that of legacy technologies like Yahoo and Myspace, which dominated their markets until they were disrupted by more adaptable and innovative competitors.

“Bitcoin stalled. The only value proposition it has is it’s big and successful, that’s it. It’s not some new technology, it’s not some new capability, it’s not the fact that it’s super easy to use it to go and do something interesting. It’s big and successful, that’s what Yahoo’s value proposition was. […] That’s what Myspace’s value proposition was. Network effects don’t mean anything in technology,” Hoskinson said.

The Cardano founder also discussed the upcoming release of Midnight, a new development in the Cardano network, which he believes will catalyze the addition of hundreds of partner chains. “There’s people wanting to be partner chains and once Midnight is out and if it’s successful, there’ll be hundreds of partner chains coming and people are building and launching,” according to Hoskinson.

In conclusion, Hoskinson reiterated his belief in the foundational principles of decentralization, first principles thinking, and the creation of an incentivized, integrity-preserving system. These elements, he asserted, are essential for building a technological infrastructure that can serve as the voting, payment, and identity systems for countries worldwide.

“The only way is embracing decentralization, first principles thinking, preserving the Integrity of your system and creating the right incentives for millions of people who don’t know each other to come and use that technology in the right way and also the ability to absorb new ideas.”

At press time, ADA price stood at $0.3855.

Cardano ADA price
ADA price remains below the 0.236 Fib, 1-day chart | Source: ADAUSDT on TradingView.com
Featured image from YouTube / Charles Hoskinson, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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