Cardano Creator Says Crypto Downturn Has a Huge Positive Effect

An Innovator’s Perspective

Charles Hoskinson has said the bearish trend in the crypto market is not all bad. In an interview with Yahoo! Finance, the Cardano creator said the conditions create an environment for technological progress. Hoskinson was more concerned about the new opportunities the downturn might be presenting.

He said that bullish markets can really get frustrating since the corporation is minimal. There is a lot of talent poaching that goes on in such terrain. Bullish markets are characterized by unrealistic expectations and unrealistic incomes.

Hoskinson further said that bearish markets see a lot more comfort which is the building block. It is possible for one to talk to people and work together. For Hoskinson, new sectors like the decentralized finance system came about in bearish periods.

Hopkinson revealed that he has seen about six bearish market trends. He said each of the circles has ushered in a significant advancement. Things like the smart contract DeFi emerged from such phases of the crypto market.

For the Cardano creator, the crypto sector is geared towards some improvement during this period. Part of the improvement work is the integration of the global ISO 20022. It is a new project for global payment instructions across borders and various financial platforms.

Many Questions for the Sector

Hoskinson said a lot of firms are now working towards improving their interoperability. The important questions will now be how to integrate an idea like the ISO 20022 into crypto? Or questions relating to how to increase scalability around protocols?

Further questions are how to make products more portable and get them working on mobile devices? How does the crypto market plan to work on a better customer experience? Importantly, how does the sector plan to make governance better?

The creator asked how it is possible to run a governance system when no one is responsible for the experience of users? Bearish periods are, thus, the best time to make such improvements, in Hoskinson’s opinion.

For him, it is a period when everybody is a lot focused on work. Importantly, they are all open to corporations and collaborations at that time.

In related matters, the CEO of VanEck, Jan van Eck, is optimistic that the Bitcoin price will hit the skies. He said Bitcoin might rally by up to 732% from its present position and hit $250,000. 

The CEO also said that a six-figure price would take Bitcoin’s market capitalization to almost 50% of that of gold. Bitcoin is currently selling at $29,226. 

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