Cardano founder Charles Hoskinson has recently been critical of Bitcoin. However, in his latest statement, he has changed his mind. Hoskinson said that he believes the BTC DeFi market will be bigger than the Solana and Ethereum markets in the future. Hoskinson said, “We don’t need Bitcoin” and “I don’t see how Bitcoin will survive.” About 2 months after this comment, he changed his mind. So what caused Hoskinson to change his mind?
Cardano Founder Charles Hoskinson Changed His Mind
The Cardano blockchain has joined the Bitcoin network as a BitcoinOS Grail bridge. The move will open up the decentralized finance (DeFi) market for the world’s largest asset class. Following this development, Hoskinson said he will relaunch the Bitcoin Education Project in 2025. He also plans to offer Aiken training for BTC developers with basic resources hosted on GitHub’s Hyperledger Identus repository.
Additionally, Charles Hoskinson shared that with the implementation of Babel fees, BTC developers will be able to create hybrid Cardano-BTC applications using Aiken and pay transaction fees with Bitcoin. The Cardano founder said that this is the beginning of DeFi on Bitcoin and believes that it can surpass the successes of both Solana and Ethereum in the future.
Bitcoin Must Keep Up With Change
Two months ago, the Cardano founder caused a huge uproar in the crypto industry when he criticized the role of BTC in the industry. In a video posted on social media, Hoskinson said that the crypto industry no longer needs BTC. Interestingly, he also believes that Cardano can surpass Bitcoin and Ethereum in the long run. Hoskinson said in his statement:
Bitcoin needs the industry to survive… But the industry no longer needs Bitcoin. I don’t see how this is going to survive. This is a religion, not an ecosystem. So no, we don’t need Bitcoin.
But what Hoskinson specifically emphasizes is that BTC needs to adapt to change, otherwise it could lose its pioneering advantage. With Bitcoin moving further into DeFi, Hoskinson is excited about the growth of the BTC ecosystem again. The Cardano founder also shared his views on recent political developments in the US. Earlier this week, he criticized Kamala Harris for calling Donald Trump Hitler.
When will Cardano surpass Bitcoin and Ethereum?
As we reported at Kriptokoin.com , Charles Hoskinson claims that his network will be larger than Ethereum in ten years, and larger than Bitcoin in ten years. Hoskinson adds that most governments will be working on their own infrastructure within ten years. Hoskinson made these ambitious statements at the Cardano summit that just started in Argentina. Cardano becoming larger than Bitcoin and Ethereum will reverse the prices of BTC and ETH and turn into the price of ADA.
Cardano (ADA) is currently the eleventh largest crypto by market cap. In this case, this is undoubtedly close to impossible for now. At the same time, Bitcoin and ETH are the first and second largest cryptocurrencies by market cap. However, Charles Hoskinson believes that Cardano has a technology that is superior to these other networks. Based on this, he is confident that this will happen eventually.
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