Charles Hoskinson, the founder of Cardano, has recently issued a critical assessment of Bitcoin, suggesting that it may eventually lose its leading position in the cryptocurrency market due to a lack of innovation.
In his remarks, Hoskinson drew a parallel between Bitcoin and the Windows operating system, which he anticipates to find itself trailing behind rivals, such as iOS and Android. He argued that Bitcoin is an area that could probably die by not adapting irregularly and diversifying, maybe the following currency can be improved to provide superior security and characteristics.
Demeester Responds to Hoskinson’s Bitcoin Critique
To this, notable staunch Bitcoin advocate Tuur Demeester has pointed to a major decline in Cardano’s market share. Demeester underlined that over the last three years, Cardano’s market cap, as compared to Bitcoin, went down from 10% to 1%. Moreover, Cardano is no longer among the top ten largest cryptocurrencies by market capitalization, and its price has decreased by 89.2% since the all-time high registered in September 2021.
Demeester’s comments came via a video that showed Hoskinson being critical of Bitcoin to elicit quite a reception within the Bitcoin community. According to Hoskinson, Bitcoin may slowly dwindle over time if it fails to innovate and adopt new technologies.
These issues are evident in Cardano’s recent performance. Although decentralized governance was expected to improve with the Chang hard fork, ADA has not seen a massive rise in its price. This clearly shows that despite these upgrades, the response in the market has not been positive enough to send Cardano back to the heights it once had.
Meanwhile, the holders of Bitcoin and Cardano as well as other interested parties are also following the developments in the crypto market that may have effects on the movement of the market in the near future and the further investment.
