Charles Hoskinson Weighs in on the Future of Crypto Amid American Banking Crisis
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During a Fox Business interview, Input Output Global, Inc co-founder, Charles Hoskinson, highlighted the state of the crypto market in the United States and globally at large. Popularly known from his role in Cardano (ADA) and Ethereum (ETH), Hoskinson stated that the crypto market is okay but the banks are not. He noted that the 2023 banking crisis is already worse than the 2008 financial distress. As a result, Hoskinson concluded that it is better to work in the crypto industry than in the banking sector.
Moreover, Hoskinson believes the global crypto regulatory scope has been getting better as observed in Europe with MiCA and the GCC countries. Nonetheless, the United States and its fragmented regulatory system have pushed crypto investors to global markets.
Future of Crypto Market in the United States
Hoskinson believes crypto will play a crucial role in the banking of most of the people in the United States. While the United States continues to formulate new crypto regulations, Hoskinson noted that most digital assets are not sure if they will be classified as a security, loyalty token, commodity, or currency. As a result, the Cardano leader insisted that most blockchain projects will focus on the abroad markets where there are clear and welcoming regulations.
Nevertheless, Hoskinson believes that the increased uncertainty of crypto regulations in the United States among other macro aspects has contributed to the increased volatility among most digital assets.
“Well, it’s also the macro economy, it’s hard to watch half a trillion dollars of bank failures and all the macro uncertainties, geopolitical issues, and not have some distraction to the markets… and it has mostly hurt retail investors,” Hoskinson noted.
Meanwhile, Cardano (ADA) has a total value locked (TVL) of about $150 million with top projects including Minswap, Indigo, and WingRiders.
Filed under: Bitcoin - @ May 3, 2023 10:26 am