Charles Hoskinson, the founder of Cardano and co-founder of Ethereum, warned that hyperinflation and governments just printing money have fueled a “dystopian future”. He cautioned that the world economy is not healthy.
And this has been highlighted by the ongoing crypto crash, wherein the total market cap plummeted 10% in the last 24-hours. It has shed light on the divide between institutional investors and retail investors. Hoskinson believes that retail investors are trying to use crypto to opt-out of a global system that they deem “unfair”. He said institutions have been dumping their crypto assets, with most looking at it as a high-risk, high-return asset. The Cardano chief pointed out that this was always the danger of “inviting” the Wall Street types in.
Bankers and VCs have already chosen their fate because of their financial strategies and rampant inflation. Hoskinson likened it to a game of musical chairs with the global economy on the brink of collapse. He believes that cryptocurrency can be part of the economic solution, but cautioned against rushed first-to-market products that may not be the best-to-market. Hoskinson believes in a measure twice, cut once philosophy. Many do not see this work as they were chasing the gains for their VC masters.
The crypto enthusiast pointed out that cryptocurrencies are not doing any damage. However, it’s the manipulation of cryptocurrencies that’s tumbling and pushing down prices. Hoskinson explained that cryptocurrencies are meant to restore some trust, credibility, and stability to the global money system.