Hoskinson "Cardano Will Stop Bitcoin's Market Dominance"

▲ Charles Hoskinson, Bitcoin (BTC), Cardano (ADA)/AI-generated image

Charles Hoskinson, the founder of Cardano (ADA), announced that Bitcoin's (BTC) market dominance would end and expressed his ambition to bring Cardano to the top of CoinMarketCap.

According to The Crypto Basic, a specialized virtual asset media outlet, Hoskinson criticized in a recent video that while Bitcoin currently dominates the virtual asset market, it relies on its scale and symbolism rather than its technological utility. He predicted that the moment a particular asset surpasses Bitcoin's market capitalization on CoinMarketCap, Bitcoin's value would sharply decline. Hoskinson pointed out, "Bitcoin is showing an attitude similar to the arrogance displayed by Microsoft in the 1990s," emphasizing that an asset with technological superiority will eventually take the market's pinnacle.

Currently, Bitcoin serves as the base currency of the virtual asset market, maintaining an overwhelming market share. Hoskinson analyzed that Bitcoin's value comes from the sheer fact that many people hold it, rather than its actual function. He diagnosed that if a more capable and sustainable asset emerges and overtakes Bitcoin, investors would leave the old network and move to the new system. Hoskinson expressed his will to lead this market restructuring based on Cardano's governance and technological scalability.

The Cardano ecosystem has recently solidified its foundation by achieving technological milestones such as the launch of the Midnight privacy sidechain and the advancement of its reward system. Hoskinson is confident that Cardano's research-centric philosophy will be recognized in the market in the long term. He referred to past instances where Bitcoin's market capitalization ranking was threatened by XRP, suggesting that the hierarchy of the virtual asset market can change at any time. Cardano is focusing on proving its value as a real financial infrastructure beyond mere price increases.

The virtual asset market is re-evaluating Cardano's growth potential alongside the founder's bold statements. For Hoskinson's goal of challenging Bitcoin's supremacy to become a reality, expanding real-world use cases for the Cardano ecosystem and attracting users are essential. Cardano is accelerating its efforts to become a new leader in the virtual asset market, based on its technological completeness and strong community support. Market participants are monitoring changes in CoinMarketCap rankings and the pace of Cardano's ecosystem expansion to formulate investment strategies.

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