The crypto industry no longer needs Bitcoin

In an interview published on Thursday, Charles Hoskinson called Bitcoin a “religion” and unsustainable.

Hoskinson, CEO of IOG, a for-profit company building Cardano (ADA), made this bold statement in a recent interview and criticized Bitcoin’s devout followers, comparing it to a religion, declaring that the crypto industry has overcome its dependence on Bitcoin (Bitcoin).

“The industry no longer needs Bitcoin to survive. It’s good to have a digital asset like Bitcoin that has that reputation and that digital purpose,” said Hoskinson, “Remember, at the end of the day, it’s a token with a deflationary monetary policy.”

Hoskinson pointed to Bitcoin’s lack of adaptability and reliance on proof of work as reasons for its danger. In the interview, he stated that leading technology companies like Microsoft had to adapt to technological changes such as laptops and cell phones to survive.

“It’s a religion, not an ecosystem,” Hoskinson said.

Hoskinson’s view on Bitcoin’s lack of adaptability contrasts with Cardano’s approach, which utilizes a proof-of-stake consensus mechanism and aims to address issues of scalability and sustainability.

Ironically, on May 4, Hoskinson conducted a poll on X to collect opinions on Cardano (ADA)’s partnership with Bitcoin Cash to improve performance using technologies as practical proof of work.

Cardano Price

These comments come as the price of Cardano remains largely stagnant while other digital currencies have made significant gains in the wake of crypto legislative approvals. Most of the increase happened at the beginning of the month, when the token reached a high price of $0.52 before falling twice to a low of $0.42.

Recently, Cardano whales transferred significant holdings in Solana and Rollblock during a market uptrend, driven by the recent bullish momentum and impressive performance of these emerging tokens.

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