Cryptocurrencies were Created to Fill the Gap Left by the 2008 Financial Crisis, Says Cardano Founder Charles Hoskinson
The cryptocurrency market is now a hustling and bustling trading sector with an estimated $3 trillion value. Despite all odds, the DeFi sector has kept developing and prospering thus far.
From time to time, the key figures in the cryptocurrency sector share their views and theories about the place of the blockchain sector in the mainstream financial space.
In the same fashion, Cardano founder Charles Hoskinson recently talked about the cryptocurrency markets and their origin. He opines that the cryptocurrency market was a necessity that was created to fill a financial gap after the 2008 financial crisis. He was addressing the attendees at the 2022 Web Summit hosted in Lisbon, Portugal.
Cardano and Ethereum blockchain co-founder discussed the main reason that cryptocurrency sectors have managed to travel the distance faster than other tech entities.
He claimed that cryptocurrencies as an answer to the lacking of TradeFi. He further explained that before crypto, most people on the planet had no sense of economic identity.
The economic indifference of the majority is one of the biggest causes of financial inequality. The citizens of countries like Africa find it difficult to get a loan.
The loans for microfinance debts are as huge as 5%. He exclaimed that these are the issues that have prevented the working class from slashing the differences between them and the oligarchy.
Cryptocurrencies and Financial Issues
As per the musings of Charles Hoskinson, cryptocurrencies and blockchain are the solutions to the problems like a recession. He highlighted that some major issues plague the current TradeFi and political system prevailing in the world. He also claimed that if a system works properly, there is no need to replace it.
Therefore, the developers, economists, and financial experts that were working on cryptocurrencies envisioned a solution for this rigged game. Hoskinson also took this chance to address the matter of Ripple Lab’s battle against the Securities and Exchange Commission.
During an address at the Rare Bloom Event, he introduced three key indicators to measure the performance of the DeFi sector, namely control, resilience, and reliability.
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