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If Bitcoin fails, the whole industry will fail: Cardano Founder

Cardano founder predicts bitcoin's failure as the downfall of crypto industry
Cardano founder predicts bitcoin’s failure as the downfall of crypto industry

The Cardano founder, Charles Hoskinson, pioneering the idea of forming a wholly decentralized system to dismiss Bitcoin’s scalability issues, framed his opinions through a recent Anthony Pompliano podcast. He mentioned that Bitcoin, by design, is deaf, blind, and dumb, but centralizing the system is no solution. According to Hoskinson, this is a philosophically incompatible move.

Charles also brings into notice the characteristic of Cardano technology being molded in a manner that is useful to people as the primary reason for its popularity and rise in the crypto sector. With the proceeding of cryptocurrencies towards a global adoption, the crypto entrepreneur envisions that the global marketplace will begin initiating decisions in accordance with the industry.

Hoskinson also highlighted that if such a situation enters, the borders with strict regulations will lose business, and eventually, the global market will collapse down on them, enforcing to change their standards. Further, after acknowledging Blockstream’s efforts towards ascending the useful traits of Bitcoin by pushing the Lightning Network, the Cardano originator added that there is no surety of his success, but Bitcoin’s failure seems imminent in the upcoming years. He stated, “If Bitcoin fails, our whole industry’s probably in for a really bad time.”