Cardano Founder: Crypto Industry No Longer Needs Bitcoin (BTC)!

Charles Hoskinson, founder of popular altcoin Cardano (ADA), criticized Bitcoin supporters and likened the leading cryptocurrency to a religious symbol. According to Hoskinson, the modern crypto industry has overcome its dependence on Bitcoin and no longer needs BTC.

Successful investor Charles Hoskinson pointed out Bitcoin (BTC)'s lack of adaptability and over-reliance on the Proof-of-Work (PoW) algorithm.

According to Hoskinson, #Bitcoin is not open to change, has turned into a religious system, and its supporters cannot accept “objective reality”. Additionally, the Cardano founder also said the following about Bitcoin:

“The industry no longer needs Bitcoin to survive. Remember, at the end of the day, this is just an indication of a deflationary monetary policy.”

Unlike Bitcoin, #Cardano works on Proof-of-Stake (PoS) consensus algorithm. Hoskinson explained that the purpose of creating this blockchain was to solve the scalability and sustainability problems of the ecosystem.

Previously, Charles Hoskinson had criticized US President Joe Biden's administration for deliberate efforts to destroy the crypto industry in the US.

#Cardano (ADA) is trading at $0.462 at the time of writing our news. The popular altcoin did not experience any significant decline or rise today.
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