Charles Hoskinson Insists Cardano Could Surpass Bitcoin as the Top Cryptocurrency, Believes Bitcoin Could Go Out of Vogue

Charles Hoskinson, the Cardano founder, insists Cardano could surpass Bitcoin as the top cryptocurrency, believes Bitcoin could go out of vogue.

Cardano founder Charles Hoskinson believes the cryptocurrency could eventually surpass Bitcoin as the top crypto asset. In an interview with Altcoin Daily, Hoskinson highlighted Cardano’s potential to fundamentally change the world's economic, political, and social systems.

If Cardano continues to expand its user base, it will inevitably become a multi-trillion-dollar ecosystem from the collective efforts of the community, Hoskinson said.

Cardano's mission is to enable billions of people worldwide by providing them with the inspiration, tools, and resources necessary to innovate and grow. A community-driven approach is essential, he added.

Hoskinson also discussed the importance of a community-driven approach, with decentralized decision-making for rapid adaptation and improvement. He believes this will help Cardano outgrow its competitors.

Cardano's design allows it to absorb new ideas, which, coupled with a focus on first principles thinking and decentralization, positions Cardano to surpass Bitcoin, Hoskinson said.

He compared Bitcoin to past technological giants like Yahoo and MySpace, which were eventually outcompeted by more innovative platforms. Hoskinson believes that Bitcoin's strong suit is its renown and size, but he doesn't think this will be enough to sustain it in the long term.

Hoskinson also argued that Bitcoin has become stagnant, with its only significant attribute being its large market presence. The Cardano founder has previously said that Bitcoin will not be able to survive without the broader crypto industry.

In contrast, Hoskinson says Cardano aims to be more than just a store of value. By integrating smart contracts, dApps, and a comprehensive governance system, Cardano aspires to offer high utility and serve as the backbone for various systems globally, including payments and ID verification.

Hoskinson highlighted the importance of a robust governance system, drawing from his experience with Ethereum. He noted that projects with poor governance are prone to fracturing and losing momentum.

He cited the example of NXT, an early cryptocurrency project that failed to sustain its growth despite having a strong community and innovative features. This, Hoskinson says, was largely due to weak governance.

Hoskinson is confident that Cardano's focus on governance and community-driven development will help it avoid the pitfalls that other projects have faced. Notably, Cardano is on the verge of fully welcoming the Chang hard fork, which will transition the system to the Voltaire era of more decentralized governance.

Another significant aspect Hoskinson discussed is the cultural aspect of technological advancement. He emphasized that fostering a culture of innovation and inclusivity is crucial for any project's success.

Hoskinson mentioned Microsoft's resurgence under Satya Nadella, who transformed the company's culture and positioned it as a leader in the tech industry once again. Similarly, Hoskinson aims to cultivate a dynamic community within Cardano.