- Central banks are going to fade away in the near future as they promote an unjust system that preys on the poor, Cardano creator Charles Hoskinson believes.
- He further noted that crypto is the antidote and that the industry has grown to become too big for the legacy financial system to wish away.
There’s a new world order in the financial services industry. Charles Hoskinson, the creator of Cardano believes that cryptocurrencies are the future of finance and that the old guard, including central banks, is fading away. He believes that crypto is the antidote to the failed system that preys on the poor to give to the rich.
Cryptos have exploded in popularity over the past five years. Aside from seeing an unprecedented spike in market capitalization and individual prices, cryptos are becoming adopted in day-to-day use cases, such as lending and borrowing on DeFi, art sales with NFTs, supply chain systems and more.
In a video sharing his thoughts on the market and the ecosystem, Hoskinson stated:
You can’t go back. You can’t change that, you can’t put that genie back in the bottle. Central banks will fade away. It’s just going to happen. Your conventional legacy banks are going to fade away. The payment rails that are so nepotistic, and corrupt and slow and inefficient and expensive will fade away. And good riddance.
The Colorado-based Hoskinson believes that the current financial system is fundamentally broken and in need of an overhaul. It continues to prey on the weak and the poor. Access to credit for a farmer in a developing country is not only very difficult to access, but it’s also quite expensive in cases where it’s available. Sending money home for immigrant workers is very costly and slow as well.
Hoskinson: We are the antidote to the corrupt system
Despite all the ills it perpetuates, the legacy financial system still poses as the good guy, and Hoskinson blasted it for this.
Never allow them to say that ours is the industry that’s the risk. Ours is an industry that’s the antidote to the corruption and nepotism that we found. Theirs is an industry of frustration that has now been replaced by an industry of creativity and innovation.
“We are going to change the world. It’s that simple,” the former Ethereum co-founder went on. “We didn’t ask permission; we came here and we’re going to get it done together.”
One of the arguments that some have made is that the legacy financial system could just as easily get the government to get rid of cryptocurrencies. Most major banks and payment providers are well connected within the governments. It was these kinds of connections that saved these banks in the 2008 financial crisis. Despite being responsible for one of the world’s most catastrophic economic events, they got the government to bail them out.
Hoskinson believes that crypto has now gone beyond being waved off into oblivion.
And there are simply too many people now. The markets are definitely too large and the innovation is simply too vast; it’s going to happen. It’s no longer a question of ‘if’, it’s ‘when’ and how will these dinosaurs find a way to survive in this new order.