The Bitcoin massive winning rally has left no one indifferent. Over the past few weeks, it has been the favorite discussion among experts. Some think Bitcoin will go to the moon, and others believe Bitcoin will die. Charles Hoskinson, the founder of Cardano, is among the Bitcoin skeptics. In an interview shared on Cardano’s official subreddit, Hoskinson assured that – just like fiat money – the only valuable thing Bitcoin has is its acceptance. Bitcoin’s recent bull run was a result of increased institutional interest in crypto.
“Bitcoin will die when it loses its popularity.”
According to Hoskinson, bitcoin will eventually die when it loses its only strong point: popularity. “Bitcoin is only valuable because it’s valuable. It has no technological advantages. In fact, it’s the least advanced of all cryptocurrencies, the least futuristic. There is no reason for it other than the fact that it exists,” Cardano founder opined. Hoskinson added that Bitcoin needs to achieve some significant developments for it to be on par with its competitors. At the time of writing, bitcoin is trading at just above $49,500.
Cardano founder questions the lack of consensus among developers.
Hoskinson further noted that the decentralized nature of the community, and lack of directionality, have cost bitcoin network developers a lot of lost time. “Bitcoin lost some of its earliest and best people over just the block size-a system parameter. It just tells you, if you can’t even agree on something so trivial as block size, then how do you get post-quantum crypto when quantum computers come? How do you get smart contracts?” he questioned. Hoskinson touched on issues that could be key in the future. He questioned the lack of consensus among developers that might bring problems when facing future matters such as network restructuring.