Most of the Bitcoin would exist on the ADA and ETH Network

• In a Twitter video, Cardano founder Charles Hoskinson showed a strong belief in BTC and compared it to gold in a recent statement.

• According to him, Bitcoin does not need its blockchain to remain relevant as digital gold.

Cardano founder Charles Hoskinson has made a profound claim about Bitcoin in the latest outlook for his project. In accordance himis there a possibility to have all Bitcoins on the Ethereum and Cardano network within a short time.

In just 5 years, the majority of all Bitcoin mined will be on the Cardano and Ethereum chains.

In the Twitter video, he showed a strong belief in Bitcoin and compared it to gold. Hoskinson mentioned that Bitcoin is digital gold, and also has real use cases and utility. In comparison, both Bitcoin and gold mining require energy. In this case, the production costs and scarcity factors reflect the true value of both assets. Additionally, the current price of BTC represents the cost of production considering that gold would still have value without the producers. Hoskinson argues that a similar theory applies to gold.

Just as gold would still be valuable without the producers, BTC would still be valuable without mining. In this case, the value may even increase with higher demand, since the future supply will no longer increase.

According to the Cardano founder, BTC does not need its blockchain to remain relevant as digital gold. This is a result of the presence of blockchains such as Cardano or Ethereum and the utilization of competitors’ smart contract programs where it can be transferred to. From now on, users can take advantage of wrapped tokens to send BTC to the Ethereum or Cardano network.

Bitcoin has failed as a decentralized asset – Hoskinson

Hoskinson predicts that the majority of all Bitcoin wrapped tokens will find their way to other chains within the next five years. This is because “gold mining is coming to an end”.

With the rising energy prices and greater difficulty of mining, he revealed that mining Bitcoin would soon be valuable.

Letting the BTC mine run for the next 100 years just to get 2 million BTC is it really a good energy investment?

Regardless of his belief in the asset, Hoskinson believes that the Bitcoin ecosystem would not catch up with the development of Cardano and Ethereum.

The BTC payment network is no longer useful. (…) BTC is currently only optimized to be the gold mine.

In terms of energy consumption, transaction costs and smart contract functionality, Ethereum and Cardano have an advantage over Bitcoin. Bitcoin is responsible for 0.4 percent of global energy consumption, while Ethereum currently saves energy up to 99.9 percent since the merger. Hoskinson also believes that BTC has failed as a decentralized asset as most of the tokens in circulation are managed by third parties. However, in the form of wrapped BTC, Cardano and Ethereum users can store transactions themselves and enjoy anonymity.