Charles Hoskinson, the founder of the decentralized finance (DeFI) platform Cardano (ADA), has challenged the popular belief that the cryptocurrency industry still needs Bitcoin (BTC) for survival. During an interview with Cointelegraph AR on December 7, Hoskinson argued that while Bitcoin was instrumental in establishing the industry, newer technologies and digital assets have made it dispensable.
He acknowledged Bitcoin’s historical significance, calling it a digital asset with the reputation of digital gold. “Bitcoin needs the industry to survive and sure as hell needs the exchanges and all the other infrastructure because it’s not self-sufficient in that dimension. But, the industry doesn’t need Bitcoin anymore to survive. It’s nice to have a digital asset like Bitcoin with that reputation and digital gold,” Hoskinson said.
Comparing to Microsoft’s (NASDAQ: MSFT) experience with Windows, Hoskinson noted that even if Bitcoin once seemed invincible, it could lose its dominance if it doesn’t keep up with changing dynamics and technological advancements. He challenged the Bitcoin ecosystem to embrace innovation and consider a roadmap that allows it to remain competitive with other blockchain platforms. “Bitcoin could create a roadmap where it could be competitive with Ethereum or other things. It’s their (Bitcoin community) decision as an ecosystem to go down that road. I don’t think the culture will let them do that,” he added.
Cardano has taken steps to ensure innovation, such as incorporating non-interactive Proof-of-Work (PoW) and protocols, as well as ideas from the early 2010s, including smart contracts and asset issuance.
At the time of writing, Bitcoin is still looking for a new all-time high after failing to sustain gains above the $44,000 mark. The first cryptocurrency was trading at $43,724 with weekly gains of over 10%.