- Charles Hoskinson, the inventor of Cardano, calls for prudence after the biggest crash on the cryptocurrency market since December 2013.
- According to Hoskinson, the cryptocurrency industry will emerge from the crisis as a winner and replace the current fragile financial system.
In a new video update, Charles Hoskinson, CEO of Input Output Hong Kong, spoke about the spread of the coronavirus and the resulting panic in global financial markets and on the cryptocurrency market. Hoskinson urged prudence after the Dow Jones suffered its biggest drop since Black Monday in 1987 and Bitcoin (BTC) experienced the biggest loss in a single day since December 2013 following the collapse of Mt Gox.
As Hoskinson explained, the coronavirus appears to be becoming a major economic event that could lead to a global economic crisis. Nevertheless, it is important to take a step back and reflect, Hoskinson said:
This said it is important to take a step back in times like these and reflect at the fundamentals of society. And the fundamentals of our industry and where we are all going.
Looking to the future, Hoskinson said that this century will see further significant technological progress, whether through graphene-based batteries, artificial intelligence or nanotechnologies, as Hoskinson further stated.
So there are no problems so big that it will collapse society. […] The reality is that we are in a period of fear and uncertainty. And the fear is far worse than the reality.
Cardano and crypto will benefit from the crisis
The fundamentals of the crypto industry are still as strong as they were before. Hoskinson says IOHK and Cardano are not affected by the coronavirus. Neither single deadlines nor the entire roadmap for Cardano are affected.
None of our roadmaps or schedules are changed and we do continue working hard every single day. And the reality is that this is the same truth for most people in the cryptocurrency space. […] Long after COVID is gone, Cardano will be here. Long after COVID is gone, our industry will be here.
After the coronavirus is defeated, society will wonder, Hoskinson said, why there was such a global economic and financial collapse:
Why are our markets so fragile, that a disease when a young healthy person contracts it kills less than point one percent of them? Why are we so filled with fear that we had to shut down entire countries down?
Hoskinson goes on to say that emergency loans, central bank bond purchases, money printing and interest rate cuts are not the solution for this fragile financial system. The only long-term solution to this failed financial system is the cryptocurrency industry, which is why Hoskinson calls on all industry leaders to calm the current situation:
I call upon all the leaders of our industry to give a similar message. it’s time for calm. It’s time for fundamental. It’s time for principals. It’s time for us to ask why are we all here. Is it to make an extra Dollar, is it to see things go up 10 percent or are we here to change the world.
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