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Bitcoin and altcoins experienced massive drops and losses in just a few weeks as they hit rock bottom in the bear market.
At this point, many investors have suffered significant losses, and Cardano ($ADA) founder Charles Hoskinson has also announced that he has incurred substantial losses.
Cardano ($ADA) Founder Reveals the Risks of Cryptocurrency!
According to The Block, the founder of Cardano said he suffered $3 billion in losses due to the recent declines.
However, the celebrity said he would not sell his cryptocurrencies despite an unrealized loss of $3 billion.
Speaking in a public live broadcast in Tokyo, Japan, Hoskinson said he has more than $3 billion in unrealized losses on personal cryptocurrency investments. Despite these losses, he added, he does not plan to sell his cryptocurrencies.
“Charles, it would be easy to say, ‘You’re rich, you can get through this.’ But I’ve lost more money than anyone listening here, over $3 billion.”
“It would be very easy to take the remaining money and leave. I could just leave. But I’m not doing this for the money. If you think I’m doing it for the money, you’re wrong.”
Hoskinson stated that the cryptocurrency market could worsen further and advised developers and investors to be patient.
“The market situation is going to get worse. It’s going to get even more intense. What’s done is done. And know that each and every one of you in the cryptocurrency space is doing something important.”
Finally, Hoskinson stated that despite the gloomy market environment and personal financial losses, Cardano’s technical roadmap is progressing in a measured and positive way.
*This is not investment advice.