Cardano founder says ‘crypto industry was born from 2008’ financial crisis

As the cryptocurrency sector continues to expand and its assets become more adopted around the world, among investors and various mainstream institutions, Cardano (ADA) founder Charles Hoskinson shared his two cents on the industry’s origins.

Specifically, Charles Hoskinson said that the crypto industry emerged as a reaction to the inherent problems of mainstream finance that led to the 2008 financial crisis, as he was speaking at the Web Summit 2022 tech conference in Lisbon, Portugal on November 4.

Problems crypto is trying to solve

According to the Cardano founder, these problems are multifold:

“Billions of people don’t have economic identity, there’s inequality everywhere you look, it’s hard to get a loan, and in Africa, the 5% interest rate for microfinance – these are the problems that the legacy industry gave us.”

As he further highlighted, the crypto industry came into being in an attempt to address the recession and other problems created by traditional finance, and not to replace a properly working system:

“We did not just wake up one day and said: ‘Let’s replace a perfectly good system.’ Crypto was born from 2008.”

Hoskinson’s other views on crypto

It is worth noting that Hoskinson often shares his views on various topics in the crypto industry, which sometimes makes him the target of scathing criticism, including over his opinion on the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple.

More recently, during his keynote speech at the Rare Bloom event, Hoskinson detailed three key metrics for measuring the decentralization in the crypto sector which, in his words, include resilience, control, and reliability, as Finbold reported.

ADA price analysis

Elsewhere, Cardano’s ADA token is recording gains after a difficult month, currently changing hands at the price of $0.4033, which demonstrates the decentralized finance (DeFi) asset’s daily growth of 3.34%, as well as an increase of 6.19% across the week.

Meanwhile, NeuralProphet’s PyTorch-based price prediction algorithm that uses an open-source machine learning framework has predicted that Cardano would trade above $0.50 by November 30, 2022, as Finbold earlier reported.

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