Cardano founder Charles Hoskinson is extremely bullish on Cardano and its unique properties, recently insisting that it is a sound form of money.
Hoskinson was quick to correct Gabrel Abed, the chairman of Binance and ReserveOne, on his recent Bitcoin comments. Abed noted in a Wednesday tweet that Bitcoin is a decentralized sound money, but the Cardano founder felt he had omitted a crucial cryptocurrency from that unique category.
Cardano Is Sound Money
Reacting to the tweet, Hoskinson suggested that Cardano can also pride itself in being in the “sound money” category with Bitcoin. He noted today that the prominent cryptocurrency, alongside Bitcoin, is also a decentralized and reliable form of money.
For the uninitiated, sound money is a term used to describe a currency whose value does not deteriorate with time. Specifically, it is money that is inflation and debasement-proof, maintaining its purchasing power and reliability over a long period of time.
Notably, sound money is an ideal store of value, and only a few currencies achieve this status. Over the years, many have placed gold in that category, with Bitcoin slowly gaining a reputation as one too. Industry leaders also regard the premier crypto asset as the most decentralized cryptocurrency in existence.
However, Hoskinson believes Cardano should be in the same class as Bitcoin. He claimed that “Bitcoin and Cardano are decentralized, sound money.”
Interestingly, reactions further built a case for his bold statement. A user suggested that BTC is not the only sound money and highlighted why Cardano also fits into the group. He claimed Cardano is a “decentralized backbone of the financial payment system,” which runs millions of transactions per second without downtime. He added that Cardano also has a self-replenishing treasury and decentralized on-chain governance.
Charles Hoskinson Gigabullish on Cardano
Meanwhile, this is not the first time that Hoskinson has argued that Cardano should rank among the best in the industry. A few days back, he claimed that Cardano is going to break the internet, indicating his bullish disposition towards the trajectory of the ADA ecosystem.
The founder also stated in June that Cardano is the biggest threat to Bitcoin’s dominance. He noted that Cardano has consistently demonstrated qualities of decentralization and sound money while also addressing some of Bitcoin’s limitations.
Hoskinson claimed that Cardano has solved the Nakamoto consensus, placing it on par with Bitcoin as regards transaction validity. He also mentioned that Cardano has a better network model than Bitcoin, citing the Extended UTXO, which improves on the crypto leader’s UTXO.
According to him, these innovations would ensure that Cardano outpaces rivals in the long term, and Bitcoin is not left out. This also builds on his claims that Cardano is better than Ethereum, which he believes is doomed to fail.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
