In a recent interview, Charles Hoskinson, CEO of IOG, made waves in the crypto community by calling the Bitcoin following a ‘religion’ and unsustainable. Hoskinson criticized Bitcoin’s devout following, stating that the industry has outgrown its dependence on the leading cryptocurrency.
According to Hoskinson, the crypto industry no longer needs Bitcoin to survive, pointing to its lack of adaptability and reliance on proof of work as reasons for its endangerment. He likened Bitcoin to a ‘religion’ rather than an ecosystem, highlighting the need for technological evolution in the space.
In contrast to Bitcoin, Cardano, the cryptocurrency developed by IOG, utilizes a proof of stake consensus mechanism and aims to address scalability and sustainability issues. Hoskinson’s comments come as Cardano’s price has remained stagnant compared to other digital currencies that have seen significant gains.
Interestingly, Hoskinson recently conducted a poll on Twitter to gather opinions on Cardano partnering with Bitcoin Cash to improve performance using technologies like proof of practical work. This move indicates a willingness to explore collaborations and innovations within the crypto space.
Overall, Hoskinson’s bold statements have sparked discussions about the future of Bitcoin and the need for adaptability and innovation in the ever-evolving crypto industry. As Cardano continues to navigate market fluctuations and explore new partnerships, the true question remains: how many cycles will Cardano survive in the competitive crypto landscape?