Charles Hoskinson, CEO of Input Output Global (IOG), envisions Cardano's rise above Bitcoin and Ethereum, backed by its innovative governance model.
Explore his bold prediction for Cardano's future dominance in the world of cryptocurrencies.
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Speech by Mr. Hoskinson
Charles Hoskinson, the CEO of Input Output Global (IOG), has made a bold prediction about Cardano, a prominent blockchain.
At the Rare Evo 2023 convention, Hoskinson delivered a speech in which he predicted that Cardano would surpass both Bitcoin and Ethereum to become the world's largest cryptocurrency.
According to Hoskinson, Cardano will achieve this remarkable feat through its commitment to decentralized decision-making and on-chain governance.
He stated, "This is our challenge, and that's why Cardano is probably going to be the world's largest cryptocurrency."
Cardano's Lag Behind Bitcoin and Ethereum
In terms of market capitalization, Cardano lags far behind Bitcoin and Ethereum. Currently, Cardano is the 8th largest cryptocurrency with a market valuation of $9.05 billion.
In contrast, Bitcoin and Ethereum hold the top positions with market caps of $506.21 billion and $198.07 billion, respectively.
Hoskinson Highlights Weaknesses of Bitcoin and Ethereum
Despite Cardano's current lag in terms of valuation, Hoskinson believes that ADA will ultimately become the world's largest cryptocurrency.
Hoskinson points out that the inefficient governance models of market leaders Bitcoin and Ethereum could potentially aid Cardano in surpassing them in the long run.
He notes that Bitcoin's weaknesses might stem from its static design, as the world's largest cryptocurrency has not changed its design for 13 years.
Furthermore, he mentions that Ethereum's disregard for on-chain governance could become a long-term liability for the crypto project as it accumulates millions of users.
Hoskinson's Other Predictions
Hoskinson goes beyond predicting Cardano's dominance as a cryptocurrency.
He suggests that "Cardano will become the backbone of new digital nations and societies. Here, we can eventually transition from 'being evil' to 'not being evil,' creating a place where we can trust each other again."