- Charles Hoskinson, the founder of Cardano (ADA) recently spoke about the future of crypto industry.
- He noted that the COVID-19 pandemic deepened the people's mistrust of the government.
- People are turning to crypto but he also revealed what needs to happen for the cryptos to reach mass adoption.
The founder of Cardano (ADA), Charles Hoskinson, recently spoke about the future of cryptocurrencies in the latest episodes of the Untold Stories podcast. On the occasion, Hoskinson’s’ interviewer, Charlie Shrem, touched upon the current political situation around the world.
The two agreed that people are losing faith in government institutions, which presents a unique opportunity. This is the time for cryptos to step in and show their worth — to show in practice what they were promising for the past 11 years.
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However, Hoskinson revealed yet another crucial requirement that is necessary for cryptos to work.
Crypto adoption represents the rejection of the government
According to Hoskinson, the new pandemic, as harmful as it is, helped highlighting one of the biggest issues around the world right now. That is the lack of a single, truthful narrative. This caused distrust and the rift between politics, everyday life of regular people, and growing distrust of centralized governing entities.
Hoskinson stressed that the world is filled with inequalities and injustices and that the coronavirus pandemic is revealing them. He expects that the aftermath of the pandemic might be an entire political revolution. The division that is causing it all is what is fueling the growth of the crypto sector.
Hoskinson added that “When you think about it, cryptocurrencies are the ultimate rejection of the government.” The reason for this is simple — when you can’t trust a centralized entity, you turn to a decentralized system.
How can cryptos succeed?
Of course, Hoskinson admitted that it is not as easy as that. There is still a lot that needs doing before cryptos reach mass adoption. The most efficient way to achieve it is by introducing payment gateways for merchants. Giving cryptos an everyday use — using them to buy things — would make them attractive and convenient to regular people.
But, merchants were not too quick to adopt cryptos, either. Their number is constantly growing, true, but the progress is slow, and many still hesitate due to the coins’ lack of stability. Buying Cardano for trading is one thing, but buying Cardano to keep it and use it for payments is something else entirely.
A trader can monitor the movement of market prices and react by entering a certain position. Meanwhile, regular coin owners can only stand there and watch as the value of his coins is going up or down.
Therefore, merchants need a quick and easy way to convert crypto into fiat. Otherwise, they will remain slow to approach the crypto industry.
Hoskinson also stresses that it is very important to bank the unbanked with crypto, by providing them a method of accessing the global economy. This would bring more money to the crypto industry, help it mature, and eventually reach the mainstream.
Lastly, Hoskinson believes that crypto founders need to step away from their coins. They need to decouple, and allow their coins to live and evolve without them, This is something that needs to happen, as they won’t always be there for the coin, and they want their coin to keep operating long after the founders leave.