Crypto industry doesn’t need Bitcoin anymore

In an interview posted Thursday, Charles Hoskinson called the Bitcoin following a ‘religion’ and unsustainable. 

Hoskinson, CEO of IOG, a profit-oriented company that builds Cardano (ADA) software, made this bold declaration in a recent interview and criticized Bitcoin’s devout following, likening it to a religion, declaring that the crypto industry has outgrown its dependence on Bitcoin (BTC).

“The industry doesn’t need Bitcoin anymore to survive. It’s nice to have a digital asset like Bitcoin that has that reputation and its digital goal,” Hoskinson said, “Remember, at the end of the day, it’s a token with a deflationary monetary policy.” 

Hoskinson pointed to Bitcoin’s lack of adaptability and reliance on proof of work as reasons for its endangerment. In the interview, he claimed that leading tech companies like Microsoft had to adapt to technological changes like laptops and cell phones to survive. 

“It’s a religion, not an ecosystem,” Hoskinson said. 

Hoskinson’s opinion on Bitcoin’s lack of adaptability contrasts with Cardano’s approach, which utilizes a proof of stake consensus mechanism and aims to address scalability and sustainability issues.

Ironically, on May 4, Hoskinson conducted a poll on X to gather opinions on Cardano (ADA) partnering with Bitcoin Cash to improve performance using technologies like proof of practical work.

Cardano price

These comments come as Cardano’s price has remained fairly stagnant while other digital currencies have made significant gains in the wake of legislative crypto approvals. Most of the increase happened earlier in the month when the token reached a peak price of $0.52 before dropping to a low of $0.42 twice. 

Recently, Cardano whales transferred significant holdings to Solana and Rollblock during a market uptrend, driven by recent bullish momentum and the impressive performance of these emerging tokens.