- Charles Hoskinson, Cardano (ADA) founder, argues that Bitcoin cannot survive without the broader crypto industry, while the crypto ecosystem can thrive without Bitcoin.
- Hoskinson suggests that Bitcoin must innovate and adapt or risk losing its market dominance to other digital assets.
In a provocative interview, Charles Hoskinson, the founder and CEO of Cardano development firm IOG, questioned the long-term viability of Bitcoin (BTC) without the broader cryptocurrency industry. His comments come as a stark critique of the world’s largest crypto by market cap, sparking widespread discussion.
Bitcoin Needs the Crypto Industry to Survive
Hoskinson’s assertions directly counter the beliefs of staunch Bitcoin proponents, who argue that Bitcoin has matured enough to thrive independently. He emphasized that Bitcoin’s survival hinges on the support of the wider crypto ecosystem, including exchanges and other infrastructure. Conversely, he argued that the broader crypto industry could sustain itself without Bitcoin.
“Bitcoin is not self-sufficient anymore,” Hoskinson stated, highlighting a growing reliance on the network of services and innovations that have sprung up around it. He suggested that without this support, Bitcoin’s continued dominance and survivability are questionable.
Any Asset Can Replace Bitcoin as Digital Gold
While acknowledging Bitcoin’s status as digital gold, Hoskinson was quick to point out its vulnerability. He argued that Bitcoin could be supplanted by another digital asset offering better security and efficiency. This perspective stems from Cardano’s (ADA) own extensive research and development efforts aimed at creating a secure, energy-efficient proof-of-stake (PoS) protocol.
For over seven years, Cardano’s(ADA) team has been working on this PoS protocol to match and exceed Bitcoin’s security features while being more sustainable. However, Hoskinson lamented that the Bitcoin community has largely dismissed these efforts as scams, resistant to change and innovation.
“We don’t necessarily need Bitcoin. Bitcoin is going to have to grow, adapt, and change if it wants to survive long-term,” Hoskinson remarked. He compared Bitcoin’s potential fate to that of Microsoft, which lost a significant portion of its market dominance due to shifts in technology.