Cardano founder Charles Hoskinson made statements about the cryptocurrency market and the Terra crash.
New statements came from Charles Hoskinson, the founder of the popular altcoin Cardano, which has made a name for itself with his statements on the crypto money market. Speaking at the Web Summit technology conference held in Portugal, Hoskinson said that cryptos must go through major crashes and tests before we can see which cryptocurrencies are strong. Pointing out the Terra (LUNA) collapse in May as the hottest in this context, Hoskinson pointed out that we should learn from Terra and similar collapses.
Among other major crashes in the crypto industry like Terra, Silk Road and Mt. Referring to Gox, Hoskinson said that he saw many companies collapse in the crypto space and that the projects and companies that managed to survive were successful.
According to the Cardano founder, surviving cryptocurrencies and companies have the power to manage both bear and bull markets and change balances.
“Being at the top today does not mean you will be at the top tomorrow. Because big cryptocurrencies have to go through big crashes. I bought it when Bitcoin was just under $1. In the intervening time, I saw that BTC rose from $ 1 to $ 30-40, then to $ 256, and then regressed to $ 80. Afterwards, I also saw that BTC skyrocketed to $ 1,200, then collapsed to $ 250, then jumped to $ 20,000 and crashed to $ 8,000. Finally, I also saw that BTC rose up to $ 69,000. Currently, BTC is at $20,000. We have watched BTC’s rise and fall many times, as companies rise and fall.”
Referring to DeFi projects, Hoskinson said that some DeFi projects are short-lived and their lifespan is limited to 6-12 months:
“Terra was very profitable to a few, and these few had close ties to Terra. Afterwards, they made billions of dollars on Terra, and they earned it on the backs of individual investors. This is very wrong and this incident will result in legal means.”