Despite the sharp declines in Bitcoin (BTC) and the crypto money sector, it continues to develop and be adopted by more investors. Speaking at the Web Summit 2022 conference held in Lisbon, Portugal, Cardano founder Charles Hoskinson evaluated the time and reasons for the emergence of the crypto money industry.
Stating that the cryptocurrency industry did not emerge out of nowhere, Cardano founder thinks that the cryptocurrency industry emerged in response to the main financial problems that led to the 2008 financial crisis.
Stating that the financial problems in the 2008 financial crisis were multifaceted, Hoskinson continued his speech as follows:
“Back to the financial crisis of 2008, billions of people have no economic identity, there is inequality everywhere you look, it’s hard to get loans and there is a 5% interest rate for microfinance in Africa. These are just some of the problems the old financial industry has given us.
In the midst of these problems, the crypto industry emerged as a well-functioning system to address the stagnation and other problems that traditional finance experienced. So we didn’t wake up one day and say, ‘Let’s change a perfect system’. Crypto was born in the financial crisis of 2008.”