Charles Hoskinson, the founder of Cardano ADA USD, debunked the idea thatcryptocurrencies were 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 co-founder ofEthereum ETHUSD spoke about legacy banking, warning of the current issues that are seen as a natural consequence of this Ponzi-style system. He noted that individuals are encouraged to borrow and loan money using other people's funds in an unsustainable manner, creating money out of thin air. Cardano said thatCryptocurrency is the escape valve to this system as it provides an alternative to its insidious practices. The escape valve has been a criptocurrency. It gives us the ability to go into the digital space and take money to the next level, put people back in charge and embrace full reserve. See More: Top Indian apps that give NFT Rewards and Bitcoins.
He pointed out the irony of Credit Suisse's current troubles in CS, which came despite its disapproval ofcryptocurrencies.
The Credit Suisse people said, oh, too dangerous, it would be so unstable, and so terrible, and we have a reputation to protect, we can't embrace this thing, and lo and behold, who is buying Credit Suisse UBS only if the Swiss government bails them out. ADA was trading at $0.38, up 12% in the last 24 hours, according to Benzinga Pro.