Speaking at the Global Boardroom event by the Financial Times, Charles Hodkinson, founder of IOHK, a blockchain company responsible for Cardano, explained to Jemima Kelly, Columnist at Financial Times, that despite the bear market situation, crypto is here to stay.
He noted that the current downward trend is affecting the crypto world as well as the traditional firms with the stock prices of Netflix, Microsoft, and other big Web2 firms shedding value. If veterans such Elon Musk and Mark Zuckerberg have lost money in their industries and are still there, we are going nowhere, Charles added.
He also explained that the collapse of FTX is a reflection of how people want to move from centralized TradFi systems to decentralized blockchain systems. TradFi has promised a lot but it’s time to move on, the CEO said.
On his journey from Ethereum, he said that he didn’t resonate with the choice of building Ethereum as a non-profit organization. He explained that any good project that’s been developed will require a good business model that is profitable to thrive.
“Crypto is the religion of the world” — Charles Hoskinson
The CEO of Cardano highlighted that he knows that the Cardano project will outlive him. “If I go to the desert, Cardano will be here,” he said. Just as Apple did with Steve Jobs, Bitcoin with Satoshi, Disney with Walt Disney, and Ethereum with Vitalik, Cardano has gone beyond the founder.
How Cardano is ensuring a better industry
To make the crypto industry better with more user focused projects, Charles highlighted that Cardano has set up labs in schools around the world to help develop evidence-based blockchain solutions.
He added that instead of focusing on the challenges of the market, the Cardano ecosystem is focused on the users, building dApps and utility as those are the most important elements.
The case with crypto has shown that a decentralized world where anyone can access global finance is possible. Charles reiterated this in the interview by saying that one of the goals of decentralized systems is to give access to people around the world to the richest resources at any time. “Crypto is the religion of the world. It’s going nowhere,” he said.