Charles Hoskinson, the founder of the decentralized finance (DeFI) platform Cardano (ADA), has challenged the prevailing narrative by asserting that the cryptocurrency industry no longer depends on Bitcoin (BTC) for survival.
Hoskinson, a prominent figure in the blockchain space, argued that while Bitcoin played a crucial role in establishing the industry, it has become dispensable as newer technologies and digital assets emerge, he said during an interview with Cointelegraph AR on December 7.
He acknowledged Bitcoin’s historical significance, stating it is crucial to have a digital asset with the reputation of digital gold.
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“Bitcoin needs the industry to survive and sure as hell needs the exchanges and all the other infrastructure because it’s not self-sufficient in that dimension. But, the industry doesn’t need Bitcoin anymore to survive. It’s nice to have a digital asset like Bitcoin with that reputation and digital gold,” Hoskinson said.
The need for Bitcoin to adapt new technologies
Drawing parallels with past technological shifts, Hoskinson pointed to Microsoft’s (NASDAQ: MSFT) experience with Windows. He noted that despite once being considered invincible, Windows lost its dominance as the industry shifted towards mobile devices. He warned that Bitcoin could face a similar fate if it fails to adapt to changing dynamics and technological advancements.
Furthermore, Hoskinson challenged the Bitcoin ecosystem to embrace innovation and consider a roadmap that allows it to remain competitive with other blockchain platforms.
“Bitcoin could create a roadmap where it could be competitive with Ethereum or other things. It’s their (Bitcoin community) decision as an ecosystem to go down that road. I don’t think the culture will let them do that,” he added.
The executive recounted Cardano’s efforts to encourage innovation, citing initiatives such as non-interactive Proof-of-Work (PoW) and protocols. He highlighted how Cardano integrated ideas from the early 2010s, including smart contracts and asset issuance, into its design to introduce an alternative in the digital currency space.
In the meantime, Bitcoin is still searching for a new all-time high after failing to sustain gains above the $44,000 mark. By press time, the maiden crypto was valued at $43,724 with weekly gains of over 10%.