Cardano Creator Charles Hoskinson Mentions Catalyst He Believes Could End Crypto Decline And Trigger ‘Mega Bull Market’
The creator of Ethereum (ETH) challenger Cardano (ADA) says he has identified the catalyst that would end crypto winter and spark a massive industry-wide rally.
In a new interview with Cheeky Crypto, Charles Hoskinson, the creator of the smart contract platform, says that if the US government were to pass the Financial Innovation Act, the crypto markets would begin a mega bull run.
Hoskinson says the passage of this law will cause investors to flood the crypto markets with capital, as well as reduce regulatory risks associated with investing in digital assets.
“I’ve been through seven bull-bear markets since I joined the cryptocurrency space, and this [current market] is no different. It could last 18 months, it could last two years, it could end at the end of the year, who knows? It’s any Sunday.
[But] if the US passes the Financial Innovation Act, we will probably see a mega bull market because a huge amount of institutional money will come in and also all the regulatory risk [with] crypto would disappear.”
The Financial Innovation Act, which was proposed by Republican Sen. Cynthia Lummis of Wyoming and Democratic Sen. Kirsten Gillibrand of New York in June, aims to create a comprehensive regulatory framework for the digital asset industry.
However, Hoskinson notes that it is possible for markets to go the other way if certain regulators, such as US Securities and Exchange Commission (SEC) Chairman Gary Gensler, are given additional powers.
“[If] people like Gensler are empowered, we could see a mega bear market happen as a huge amount of lawsuits arise and all these poor entrepreneurs are just put out of business by the heavy-handed government.”
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