IOG CEO Charles Hoskinson makes bold predictions for Cardano.
Charles Hoskinson, the CEO at Input Output Global (IOG), has made audacious predictions for leading blockchain Cardano.
During his speech at the Rare Evo 2023 convention, Hoskinson predicted that Cardano would overtake Bitcoin and Ethereum to become the biggest cryptocurrency in the world.
According to Hoskinson, Cardano will achieve this tremendous feat in the future due to its commitment to decentralized decision-making and on-chain governance.
“So, that is our challenge, and this is why I think that Cardano is probably going to become the biggest cryptocurrency in the world,” he said.
Cardano Ranks Behind Bitcoin & Ethereum
It is worth noting that Cardano is far behind Bitcoin and Ethereum in terms of market capitalization. At the time of writing this line, Cardano is ranked as the eighth-biggest cryptocurrency, with a market valuation of $9.05 billion.
Conversely, Bitcoin and Ethereum sit as the first and second largest cryptocurrencies, with market caps worth $506.21 billion and $198.07 billion, respectively.
Hoskinson Highlights Bitcoin & Ethereum Downsides
Although Cardano is far behind Bitcoin and Ethereum in terms of valuation, Hoskinson still thinks ADA will eventually become the world’s biggest cryptocurrency.
Per Hoskinson, the inefficient governance models of the market leaders- Bitcoin and Ethereum- could help Cardano overtake them in the long term.
Hoskinson pointed out that Bitcoin’s weakness could come from its static design. Notably, the world’s largest cryptocurrency has not changed its design for 13 years.
Additionally, he said Ethereum’s dismissal of on-chain governance could also become a long-term liability for the crypto project, especially as it accumulates millions of users.
Hoskinson Makes Other Predictions
Furthermore, Hoskinson also made other predictions, including the fact that Cardano might eventually become more than just a cryptocurrency.
“I think it’s [Cardano is] going to become the backbone of a new digital nation, a new society—a place where we can finally begin to trust each other again, where we move from ‘don’t be evil’ to ‘can’t be evil,'” he added.
ADA Down 1.6% In 24 Hours
Meanwhile, Cardano’s native token ADA is trading at $0.25, down 1.6% over the past 24 hours. The crypto asset has been recording consistent declines since May 2023.
As reported earlier, ADA could register further dips, as a recent chart shows the coin is replicating its 2019 price movements.