coinspress.com
The recent Economic Report from the White House has sparked controversy in the cryptocurrency industry for its critique of digital assets as overly speculative and lacking fundamental value.
In response, Charles Hoskinson, founder of Cardano (ADA), has strongly criticized the report, calling it a “hatchet job” in the crypto community.
Hoskinson believes the report wrongly blames cryptocurrencies for the banking crisis caused by the authorities.
He argues that crypto has delivered promised benefits such as decentralized custody and control of money, financial inclusion, improved payment systems, and mechanisms for distributing intellectual property and financial value that bypass intermediaries.
Hoskinson dismissed the report’s conclusions as “bullshit” and a “pathetic joke.” He warns that reports like these can work their way into legislation and policy, leading to significant repercussions.
READ MORE: Bitcoin vs CBDC: US Government Takes Sides in Economic Report
Interestingly, Tidjane Thiam, former CEO of Credit Suisse, was once skeptical about digital assets like Bitcoin. Despite this, five of the largest banks in the U.S. have lost over $100 billion from their market capitalization in 2023, while decentralized finance (DeFi) assets have added over $200 billion to their market cap and outperformed 97% of all S&P 500 companies.
This latest controversy highlights the ongoing debate surrounding the role of digital assets in the future of finance and the need for informed and balanced discussions about their potential benefits and risks.