In a recent conversation posted on YouTube, Cardano (ADA) founder Charles Hoskinson spoke at length about how cryptocurrencies are starting to develop independently of Bitcoin (BTC).
He acknowledged that while the crypto market as a whole has generally been trending with Bitcoin, this season is markedly different.
Hoskinson highlighted having seen a “significant countercyclical movement” for the first time, adding that Bitcoin’s dominance had fallen to 43%.
The Cardano (ADA) founder also emphasized that the institutional preference has not been unilaterally for Bitcoin.
People are even beginning to differentiate proof-of-stake from proof-of-work.
Billions of transactions worth billions of dollars
Hoskinson then went on to talk about the potential of other blockchains, including Cardano. Also citing Algorand (ALGO), ETH2 and Omega, he said that:
Hoskinson anticipates that these systems will process billions of transactions each year, worth trillions of dollars.
Hoskinson has big ambitions for the “financial operating system” that he and his counterparts are developing.
He says it will be social and institutional, in which Fortune 500 companies and even nation-states will eventually run.
“We are preparing programmable finances for the future,” he said, and described these results as unavoidable.
Recover economic identity
Hoskinson then explained that his confidence in this inevitability stemmed from the shortcomings of the legacy financial system.
He described it as a “siled world”, which was “fragmented” as well as incredibly exclusive, essentially saying “nothing is working”.
The current diversity and distribution of the cryptocurrency markets is a representation of that frustration.
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Hoskinson went on to list the ways in which blockchain technology will have more impact on the financial world in the next decade than in the last century.
Among these developments, he listed monetary policy, the construction of financial engineering, the movement of wealth through blockchains, as well as automation and innovation in automated law.
Hoskinson expects the next two billion people to enter the global financial system do it through cryptocurrencies.
He then explained that this was the reason for his passion for Africa and the developing world.
In these environments, crypto use cases can stand out better than anywhere else, and He added that he discovered that the countries of the region are “open partners.”
Hoskinson concluded by saying that, however, this should not be exclusive to the developing world:
“We all deserve an economic identity.”
The post The crypto industry has decoupled from Bitcoin, according to the founder of Cardano was first seen on BeInCrypto.