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Cardano (ADA) Co-Founder: Crypto Space Will Replace the Traditional Financial System | Cryptoglobe

source-logo  cryptoglobe.com 31 May 2021 18:20, UTC

Cardano co-founder Charles Hoskinson has revealed he believes the cryptocurrency space will take over the traditional finance system and change the world in the near future thanks to the innovation within it.

In a video published on YouTube, Hoskinson explained why he believes the nascent industry will become a dominant force solving some of the problems that the traditional financial system currently deals with. He said the industry is the “antidote to the excesses, corruption, and nepotism that we found.”

To Hoskinson the traditional financial system has “now been replaced by an industry of creativity and innovation. We’re going to change the world; it’s just that simple.” To the co-founder of one of the largest cryptocurrency by market cap, there are simply too many people for the crypto space to be forgotten now, and the “markets are too large” while the “innovation is simply too vast.”

He added that 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 also said that while cryptocurrencies may still be in their infancy, he sees the industry mature quickly and said that 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.”

The co-creator of Cardano added that in the next decade he sees the cryptocurrency space become more advanced in financial engineering and the construction of financial products than there was in the last 100 years on Wall Street. Similarly, he sees more progress being made on the constant movement of wealth in crypto than through the Bank of International Settlements (BIS) and other fixed protocols.”

Hoskinson also believes that while the cryptocurrency market has largely been following BTC’s price movements, some projects may decouple from the flagship cryptocurrency this year. As the Daily Hodl reports, he said:

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

As CryptoGlobe reported, Hoskinson has revealed in an ask me anything (AMA) session that he is now a cryptocurrency billionaire, even after the cryptocurrency market crash that saw the prices of some cryptoassets drop by as much as 40% and commented on the drop.

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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