Cardano founder, Charles Hoskinson, boldly predicted at the 2023 Rare Evo conference that ADA would become the largest cryptocurrency in the world. In a recent interview, he provided insights into why he believes that will happen, with Cardano flipping Bitcoin on its way to achieving such status.
Why Cardano (ADA) Can Flip Bitcoin
Hoskinson alluded to the Cardano ecosystem’s current development as the reason he believes Cardano can flip Bitcoin. He claimed there would be no way to beat Cardano if they accomplished their vision. Furthermore, he noted that ADA had already lived up to what Satoshi Nakamoto started, but they aren’t stopping there.
The Cardano Founder stated that ADA is trying to change the political, social, and economic systems of the world. Hoskinson believes that ADA is bound to outgrow the market as it continues to build a “growth engine” that can absorb more people without losing its existing users and one that can also “absorb” all the technology of its competitors.
He suggested that ADA will become a trillion-dollar ecosystem by onboarding billions of people and standing out from its competitors. Hoskinson also highlighted the role of the Cardano community in achieving this status. He revealed how various teams are currently working to onboard different governments onto the Cardano network.
Furthermore, he mentioned that several decentralized applications (dApps) are currently being built on the Cardano network, each boasting incredible teams working together to create something meaningful. Hoskinson claimed that the key is empowering these teams to achieve tremendous growth. Once that happens, he believes they can come together as a community to achieve the “next step,” which is what flips Bitcoin.
Bitcoin Has “Stalled”
Hoskinson stated that Bitcoin has “stalled,” which is another reason he believes Cardano can easily flip Bitcoin. He remarked that Bitcoin’s only value proposition is that it is “big and successful.” He said people aren’t using Bitcoin because it has a new technology or capability. Interestingly, he likened Bitcoin to Yahoo, MySpace, and Microsoft Windows, stating that they also had this value proposition of being “big and successful.”
Hoskinson suggested that Bitcoin’s value proposition would likely fail sooner rather than later, as he alluded to how these other brands faded out with time. He also claimed that Bitcoin’s value proposition as being “digital gold” would at some point hit its cap once the flagship crypto is evenly distributed and everyone owns a bit of it.
On the other hand, he claimed that a platform like Cardano, which boasts utilities like a smart contract functionality and could become the voting system of every country worldwide, is undoubtedly more valuable than Bitcoin. He also suggested that Cardano is already on its way to becoming the go-to platform for every financial, political, and social need, seeing how it is already embracing complete decentralization with the Chang Hard Fork.
Featured image from Medium, chart from Tradingview.com
