Cardano (ADA) Founder Says: I’d Rather Be a Crypto Guy Than a Banker Right Now

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Charles Hoskinson, the founder of Cardano (ADA), is sounding the alarm about the possibility of another financial crisis similar to the one experienced in 2008, as US banks continue to collapse this year.

In a recent interview with Fox Business, Hoskinson explained that the traditional banking model is becoming increasingly obsolete, while cryptocurrencies have shown resilience in the face of difficult macroeconomic conditions.

Hoskinson noted the stark difference between today’s banking landscape and the booming crypto market:

THE [crypto] the markets are stable and stable. Overall, we’re recovering from 2022 and the FTX crisis, and it’s going to take a little longer for that to wear off, but I’d rather be a crypto guy than a banker right now. Crypto is doing well, banks not so much.

He pointed out that the combined assets of banks that have failed so far in 2023 amount to $540 billion, up from $373 billion during the 2008 crisis. Hoskinson argued that the banking business model s was collapsing, with events such as the Silicon Valley Bank failure only exacerbating the situation.

The Cardano founder expressed concern that the too-big-to-fail mentality could lead to even bigger financial institutions, as was the case after the 2008 crisis. He also criticized the United States for having lagged behind other regions in implementing reasonable cryptocurrency regulations, citing the European Parliament’s recent approval of the Crypto-Asset Markets Regulation (MiCA) as an example of progress.

Hoskinson warned that the United States risks losing crypto companies to other countries with more conducive regulatory environments, such as those in the Gulf Cooperation Council (GCC).

As the global cryptocurrency regulatory landscape improves, Hoskinson believes attention will shift to jurisdictions outside of the United States, which could negatively impact the economy and national security of nations. .

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