Cardano creator Charles Hoskinson has claimed that the cryptocurrency industry is the antidote to the “corrupt traditional financial system.”
Cardano’s Charles Hoskinson said central banks will slowly disappear. He also claimed that crypto is the cure for the current financial system.
Cryptocurrencies are the Antidote
Hoskinson shared his thoughts on the financial ecosystem and the importance of cryptocurrencies in a recent video. He said central banks are no longer the efficient institutions they used to be, describing them as slow and corrupt. Hoskinson went further and suggested that these would soon disappear:
“You can’t go back. You can’t change that, you can’t put that genie back in the bottle. Central banks will disappear. It’s going to happen. Your traditional old banks will disappear. The nepotistic, corrupt, and slow payrolls will disappear.”
The founder of Cardano argued that the current financial system is completely flawed. For example, farmers in a developing country find it extremely difficult to obtain credit from a banking institution, and even if they do, it is unreasonably expensive. In addition, people who send money to their families abroad have to pay very high fees.
After giving these examples, Hoskinson said that cryptocurrencies would be the “antidote” to “this corrupt financial network”. The Cardano founder went even further, stating that digital assets will “change the world.”
“Never let them say that ours is a risky industry. Our system is an industry that is an antidote to corruption and nepotism. Theirs is an industry of disappointment.”