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.
Featured image from YouTube / Charles Hoskinson, chart from TradingView.com