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Cardano co-founder Charles Hoskinson: ‘Crypto is never going to zero – we are a religion at this point’

By Darius McQuaid

14:57, 30 November 2022

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BTC/USD
Bitcoin / USD
23201.05 USD
-634.55 -2.670%
ADA/USD
Cardano / USD
0.38428 USD
-0.01241 -3.140%

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Charles Hoskinson, Founder, Cardano, on Centre stage during day three of Web Summit 2022 at the Altice Arena in Lisbon, Portugal
Hoskinson also believes that the financial system “in the past 100 years has never changed” - Photo: Getty Images

Charles Hoskinson, the co-founder of the blockchain engineering company Input Output Global and cardano (ADA), said that “crypto is never going to zero, we are a religion at this point”.

Hoskinson made these remarks at the Financial Times Crypto and Digital Assets Summit: Winter Edition on Monday 28 November.

Hoskinson added that “crypto is the only solution where everyone is truly, truly equal”.

He said regarding the financial system “in the past 100 years it has never changed”.

As of 13:18 GMT on 30 November, ADA was trading at $0.314, and was up by 1.19% compared to the previous day, according to CoinMarketCap.   

ADA to USD

‘Cardano will follow on after me’

Hoskinson also said that even though he is the co-founder of ADA, he is certain that “cardano will follow on after me”.  

DOGE/USD

0.09 Price
-3.810% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0011082

BTC/USD

23,201.05 Price
-2.670% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 60.00

ETH/USD

1,590.84 Price
-3.580% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

XRP/USD

0.40 Price
-2.960% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00323

He gave examples such as Walt Disney and Steve Jobs, asking if, when both these men passed away, did the company they represented cease to exist? With the obvious answer being “no”, withboth Disney and Apple are still active

When questioned about ADA being down by 90% compared to September 2021, Hoskinson replied: “We are still talking about it.” He added that he has been through six crypto bear markets.

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‘Other nations will copy El Salvador’

Following El Salvador making history by becoming the first country to accept bitcoin (BTC) as legal tender from 7 September 2021, Hoskinson predicted that numerous other countries will follow suite.

Hoskinson released a video via Twitter titled “Congratulations Bitcoin” and said that 7 September was his father’s birthday and a “very important day for the industry as a whole”.

He made the prediction that “in the coming years, many more nation states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements, or potentially just simply taking a cryptocurrency as El Salvador has done and make it the national currency.”

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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