Cardano founder Charles Hoskinson criticized the behavior of large investors in the falling cryptocurrency market and said that with their behavior they “choose their fate.”
Charles Hoskinson during a video broadcast on Twitter warned about a “dystopian future” caused by hyperinflation and the uncontrolled issuance of money by governments. At the same time, he said that cryptocurrencies are a cure for “a world economy that is unhealthy.”
Hoskinson explained that the ongoing cryptocurrency market crash, which saw the total market capitalization fall by more than 10%, shed light on the gap between institutional and retail investors. According to him, it has now become clear that private investors are using cryptocurrencies in an attempt to abandon the “unfair global financial system.”
“Institutions are dumping their crypto as most organizations view it as a high-risk, high-return asset,” Hoskinson said, adding that “it has always been dangerous to invite people from Wall Street into the crypto market.”
The founder of Cardano criticized the short-sighted actions of the institutionalists. Because of their financial strategies and runaway inflation, bankers and venture capitalists have “already chosen their own fate,” he said.
“They are playing musical chairs with a global economy that will collapse. She can’t support herself anymore,” Hoskinson said.
He emphasized that cryptocurrencies could be part of the economic solution and warned against possible hasty projects that may not be “best for the market.”
Hoskinson noted that he had always advocated the “measure twice, cut once” philosophy and suggested that “others didn’t” because they were “chasing profits for venture capital managers”. Probably Hoskinson meant UST, judging by his recent communication with Terra CEO Do Kwon on Twitter.
The founder of Cardano added that cryptocurrencies in themselves do not cause damage – it is manipulation with them that destabilizes the markets and lowers prices. According to him, the meaning of cryptocurrencies is to “restore the trust, authority and stability of the global monetary system.”
According to a study by the Bitstamp crypto exchange, the level of trust in cryptocurrencies is much higher among institutional ones. The report states that 71% of investment professionals say they have confidence in cryptocurrencies, and only 65% of private investors believe that digital assets are the future.
Source: Bits
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