Cardano founder Charles Hoskinson says that the crypto space is gearing up to take over the entire traditional financial system.
In a new video, Hoskinson shares his thoughts on the current crypto landscape and explains why the nascent industry will become a dominant force that addresses much of the problems of the current financial system.
“[Crypto] is the industry that’s the antidote to the excesses, corruption, and nepotism that we found. This is an industry of frustration that has now been replaced by an industry of creativity and innovation. We’re going to change the world; it’s just that simple. We didn’t ask permission. We came here, and we’re going to get it done together. And there’s simply too many people now. The markets are simply too large. The innovation is simply too vast. It’s going to happen.
It’s no longer a question of if, it’s when, and how will these dinosaurs find a way to survive in this new world order.”
Hoskinson highlights that while crypto may still be in its infancy, he sees the industry maturing quickly. He breaks down his view of the next 10 years, claiming that crypto will take control over the majority of financial operations we use today.
“Over the next 10 years, there’s going to be more advancement in monetary policy from our industry than the last 100 years of central banks.
In the next 10 years, there’s going to be more advancement on financial engineering, the construction of financial products, and the marketplaces upon which trade them than the last 100 years from Wall Street, and England, and Tokyo, and all the other places in the world combined.
In the next 10 years, there’s going to be more movement of wealth 24 hours a day, 7 days a week on crypto rails than there will be through the BIS (Bank for International Settlements), and through the fixed protocols and all these other things that are the mainstay staples of the financial world.”
While the crypto market has largely been dictated by Bitcoin’s movement over the course of its history, Hoskinson sees projects decoupling from Bitcoin this year.
“Unlike the past cycles in 2017 and 2018 compared to today where we’re at, we’re now in a situation where we’ve decoupled from Bitcoin, and people are starting to realize that while [Bitcoin] was a great experiment, it’s not the end-all-be-all and that there’s more to the story. And unlike the past, the macro is starting to actually move in our favor instead of just being this weird cyclic thing.”