Cardano chief Hoskinson says, “We as an industry, won”, expects other countries to follow El Salvador’s lead

Cardano chief Charles Hoskinson claims "collective victory", expects other countries to follow El Salvador's lead in accepting Bitcoin as legal tender and national currency.

Key Takeaways

  • As El Salvador adopts Bitcoin as national currency, Cardano Chief Charles Hoskinson terms it “a collective victory”
  • The Ethereum Co-Founder sees the development as legitimization of crypto.
  • According to the entrepreneur, Bitcoin and cryytpos are here to stay and the world should accept it.

YEREVAN (CoinChapter.com) — On September 7, El Salvador became the first country to adopt Bitcoin (BTC) as legal tender. As the advocates of cryptocurrencies celebrated, Cardano Chief Charles Hoskinson called the occasion “a very important day for the industry”

The move ushered in a new era for digital assets. Shunned by regulators, the International Monetary Fund (IMF) and the World Bank, the crypto industry broke all conventions to gain international acceptance. It has taken 12 years to come so far.

Congratulating El Salvador, Hoskinson defined Bitcoin’s adoption as a victory. 

“We, as an industry, won”,

he said.

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The Cardano chief expects other countries to follow suit

El Salvador’s legalisation of crypto will have a domino effect. The co-founder of Input Output Hong Kong (IOHK) expects many more nation-states to use crypto. In the years to come, countries will have crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements.   

Hoskinson believes that the crypto industry, which was created as an experiment, has come far enough to potentially become the currency of the world.

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Crypto is here to stay, deal with it! 

Considering the development “a collective win as an industry of overcoming the concept of legitimacy”, Hoskinson said the world will have to deal with the fact that for better or for worse, Bitcoin and crypto are here to stay.

According to the Ethereum Co-Founder, El Salvador’s decision to adopt Bitcoin as the national currency has important implications.

“What this does is that it legitimizes the belief that we should be in control of the money in our pockets and we should be ultimately in control of how that money moves and who receives it,” 

he said.

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Cardano’s Hoskinson sees cryptos changing the world

According to the entrepreneur, it is very clear that crypto is going to change the world and it already has in many ways.

Hinting at surveys, Hoskinson made encouraging predictions for the future of cryptocurrencies. According to him, the majority of people under the age of 25 have a positive view of cryptocurrencies. A lot of them also own some cryptos. 

Hoskinson believes future generations will also grow up with the same values and beliefs about the nature of money. 

In the meantime, the Cardano chief believes we should all drink a beer to Bitcoin for the achievement. 

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