Recently, the White House released the latest Economic Report, which drew attention to its criticism of virtual assets as excessively speculative, risky, and lacking in fundamental value. Meanwhile, Charles Hoskinson Cardano’s founder has responded to those claims with scathing remarks.
Hoskinson Labels Economic Report As Bullshit
Hoskinson made his remarks during his recent YouTube video broadcast. In the video, the crypto enthusiast addressed comments in the President’s yearly Economic Report, commonly called a ‘hatchet job’ within the crypto community.
Hoskinson emphasized that the report’s authors contended that cryptocurrencies had failed to deliver on their promises. Some of the promises mentioned by the report’s authors include enhanced payment systems, financial inclusion, control of money, decentralized custody, financial value without intermediaries that extract value from both parties involved, and mechanisms for distributing intellectual property.
However, the Cardano founder described these assertions are “bullshit.” He highlighted that the report’s authors attempted to shift the blame onto cryptocurrencies for a banking crisis they had created.
Hoskinson cited an article from Bloomberg in 2022: “large financial institutions provide funding for small loans that result in indebtedness, hopelessness, and, in some cases, suicide.” He argued that cryptocurrencies were not responsible for such issues.
In his opinion, the banking system has been responsible for bank failures, nepotism, corruption, money laundering, unusually high-interest rates, and transaction fees as high as 6% for moving money around the world, especially for the poorest 3 billion people. “Despite these issues, they dare to publish a piece of trash that claims none of our efforts have achieved anything,” Hoskinson added.
Also read:Hoskinson Recounts His Encounter With Credit Suisse
Additionally, Hoskinson dismissed the report as “a pathetic joke” and warned that such reports could be a silent threat. The Cardano founder explained that they have the potential to influence policies, legislation, and oversight more than speeches from influential figures like Trump or Biden.
According to Hoskinson, these reports are often taken as gospel, yet many people fail to read them, and they can run up to 500 pages. Meanwhile, it is worth noting that Tidjane Thiam, the ex-CEO of Credit Suisse, the banking behemoth that had to be sold to remain in business, had a strong disbelief in digital currencies such as Bitcoin.
He stated in November 2017 that it was “the epitome of a bubble.” Moreover, Hoskinson recounted a story related to Credit Suisse. In 2014, when he was still the CEO of Ethereum and residing in Switzerland, the bank declined to open an account for him.
He said the bank did not open the account because crypto assets were too risky and volatile to handle. In contrast, in 2023, the top five banks in the United States experienced a market capitalization loss of over $100 billion.
On the other hand, the decentralized finance (DeFi) asset sector gained over $200 billion in market cap during the same time, outperforming 97% of all firms listed on the S&P 500.
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