In a recent interview published on Thursday, Charles Hoskinson made a controversial statement by labeling the Bitcoin community as a ‘religion’ and unsustainable.
Hoskinson, the CEO of IOG, a company focused on building Cardano (ADA) software for profit, expressed his views on the Bitcoin ecosystem, stating that the crypto industry has evolved beyond its reliance on Bitcoin (BTC).
According to Hoskinson, “The industry no longer requires Bitcoin to thrive. While it is beneficial to have a digital asset like Bitcoin with its reputation and digital objectives, it is essential to remember that, ultimately, it is just a token with a deflationary monetary policy.”
Hoskinson highlighted Bitcoin’s lack of flexibility and its dependence on proof of work as factors that put it at risk. He compared Bitcoin to leading tech companies like Microsoft that had to adapt to technological advancements such as laptops and cell phones to stay relevant.
Describing Bitcoin as a ‘religion’ rather than an ecosystem, Hoskinson emphasized the importance of adaptability, a principle that Cardano follows by utilizing a proof of stake consensus mechanism to address scalability and sustainability concerns.
Interestingly, on May 4, Hoskinson initiated a poll on X to gather opinions on the possibility of Cardano (ADA) collaborating with Bitcoin Cash to enhance performance using innovative technologies like proof of practical work.
As Cardano’s price has stagnated, contrasting with the significant gains made by other digital currencies following regulatory approvals in the crypto space, Hoskinson’s comments shed light on the token’s performance. Despite reaching a peak price of $0.52 earlier in the month, Cardano experienced a decline to $0.42 on two occasions.
Notably, during a market uptrend driven by bullish momentum and the impressive performance of emerging tokens like Solana and Rollblock, significant holders of Cardano tokens transferred their assets, indicating a shift in sentiment towards these alternative options.