Cardano boss warns of hysteria over BTC break-in

Hoskinson urges industry to be more calm

Seldom has it become so clear that the crypto market is not immune to setbacks in times of crisis. Optimists had often said that bitcoin and altcoins would become a safe haven on the investment market, as has always been the case with precious metals. However, the rapid spread of the Corona virus is now proving that the crypto sector can also be affected by global recession worries and problems on the stock exchanges. A drop in the Bitcoin price to below $ 4,200 last night caused fears among many investors worldwide. These worries should not lead to hysteria and then a new wave of sales – this warning was given by none other than Charles Hoskinson. Hoskinson is the founder of Cardano and is considered one of the great thought leaders in the industry.

 

Classic financial system will fail

His call for prudence could be important. After all, his opinion holds weight in the position as head of Input Output Hong Kong (IOHK). In fact, Moment is one of the worst crises in about seven years. For Hoskinson, however, the economic crisis that is currently emerging around the world could become a great opportunity for Bitcoin, Ethereum and other digital currencies. For Hoskinson, it is clear that it is more of a test for the industry around cryptocurrencies and the blockchain. The expert expects the result of passing the said sample with a strengthened position. And not only that. The inventor of the Cardano system even thinks a replacement of the traditional financial system is conceivable. The same is proving to be very fragile and “fragile” at the moment.