After the new Economic Report from the White House caused quite a stir in the cryptocurrency industry over criticizing digital assets as too speculative and risky, as well as offering no fundamental value, Cardano (ADA) founder Charles Hoskinson has used some scathing words to rebuke it.
Indeed, Hoskinson commented on the annual Economic Report of the President, also known as a ‘hatchet job’ in the crypto community, stating that its authors were blaming cryptocurrencies for the current banking crisis that the authorities themselves had created, as he explained in his YouTube video streamed on March 22.
As he stressed, the report’s authors argued that crypto had delivered none of the promised benefits, such as decentralized custody and control of money, financial inclusion, improved payment systems, and mechanisms for the distribution of intellectual property and financial value that bypass intermediaries that extract value from both the provider and the recipient.
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‘Bullshit’ and ‘piece of garbage’
The Cardano founder dismissed these conclusions as “bullshit,” pointing out that “they’re trying to blame us for this banking crisis they created – that’s what’s happening in these reports right now. We didn’t create this ‘big money backs tiny loans that lead to debt, despair and even suicide’ – straight from Bloomberg in 2022.” As he further highlighted:
“They give you bank failures, (…) money laundering, (…) nepotism and corruption, (…) 100% interest rates, (…) 6% costs to move the [expletive] money around the world for the poorest people in the world – the 3 billion poorest people, then with a straight [expletive] face write this piece of garbage that says everything we do hasn’t accomplished anything.”
In addition to calling the report “a pathetic joke,” Hoskinson also argued that “reports like these are a silent danger because these are the things, not speeches from Biden or Trump, these are the things that work their way into legislation, into policy, into oversight. These are the things that are taken as canon, and nobody pays attention to them, nobody reads them – 500 pages right there (…), and that’s by design.”
Anti-crypto stance backfires
Interestingly, Tidjane Thiam, the former CEO of Credit Suisse, the banking giant that recently had to be sold to survive, used to be vocally skeptical about digital assets like Bitcoin (BTC), arguing back in November 2017 that it was “the very definition of a bubble,” as Finbold reported.
On top of that, the Cardano founder shared an anecdote connected to Credit Suisse, which refused to open an account for him in 2014, when he was still the CEO of Ethereum (ETH) and based in Switzerland, with the explanation that crypto assets were too dangerous and unstable to work with.
Meanwhile, five of the largest banks in the U.S. have lost over $100 billion from their market capitalization in 2023, as opposed to the flagship decentralized finance (DeFi) asset, which has added more than $200 billion to its market cap during the same period, as well as outperforming 97% of all S&P 500 companies.
Watch the entire video below:
