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Cardano (CRYPTO: ADA) founder Charles Hoskinson debunked the idea that cryptocurrency was to blame for the banking crisis, going so far as to say that digital assets have become an "escape valve" for those affected.
What Happened: In a live stream on Tuesday, Hoskinson, who is also the co-founder of Ethereum (CRYPTO: ETH) spoke about legacy banking — warning of the current issues seen as a natural consequence of this Ponzi-style system. He noted that in such a system, individuals are encouraged to borrow and loan money using other people's funds in an unsustainable manner, creating money "out of thin air."
Markets and Contagion https://t.co/pQoknkWaaa
— Charles Hoskinson (@IOHK_Charles) March 20, 2023
Cardano co-founder said crypto is the “escape valve” to this system as it provides an alternative to its insidious practices. “The escape valve has been cryptocurrencies. It gives us the ability to go into the digital space and take money to the next level, put people back in charge, embrace full reserve.”
See More: Top Indian Apps That Give Bitcoin, NFT Rewards
He also highlighted the irony of Credit Suisse's (NYSE:CS) current troubles, which come despite its persistent disapproval of cryptocurrency.
“The Credit Suisse people said, ‘oh, too dangerous, crypto, we couldn’t possibly consider, it would be so unstable, and so terrible, and we have a reputation to protect, we’re here for the long term, we’ve been here for over 150 years, and we couldn’t embrace this crypto thing,’ and lo and behold, who’s buying Credit Suisse – UBS – only if the Swiss government bails them out.”
Price Action: At the time of writing, ADA was trading at $0.38, up 12% in the last 24 hours, according to Benzinga Pro.
