Cardano Founder Blasts ‘Trash’ White House Anti-Crypto Report
After the new economic report from the White House caused quite an uproar in the cryptocurrency industry for criticizing digital assets as too speculative and risky, as well as offering no fundamental value, Cardano (ADA) founder Charles Hoskinson has some harsh words for to rebuke it. .
In fact, Hoskinson commented on the president’s annual economic report, also known as an “axe job” in the crypto community, stating that the authors blamed cryptocurrencies for the current banking crisis that the government itself had created, as he explained in his YouTube video streamed on March 22.
As he emphasized, the report’s authors argued that crypto had not delivered any of the promised benefits, such as decentralized custody and control of money, financial inclusion, improved payment systems, and mechanisms for the distribution of intellectual property and economic value that bypass middlemen who withdraw money. value from both supplier and recipient.
‘Bullshit’ and ‘garbage’
The Cardano founder dismissed these conclusions as “bullshit” and pointed out that “they’re trying to blame us for this banking crisis they created – that’s what’s happening in these reports right now. We didn’t create these ‘big bucks back small loans that lead to debt, despair and even suicide’ – straight from Bloomberg in 2022.” As he further highlighted:
“They give you bank failures, (…) money laundering, (…) nepotism and corruption, (…) 100% interest, (…) 6% costs to move [expletive] money around the world for the poorest people in the world – the 3 billion poorest people, then with a straight [expletive] face write this rubbish saying that everything we do has achieved nothing.”
In addition to calling the report “a pathetic joke,” Hoskinson also argued that “reports like these are a silent danger because these are the things, not speeches from Biden or Trump, these are the things that work their way into legislation, into policy. , in oversight. These are the things that are taken as canon, and nobody notices them, nobody reads them – 500 pages right there (…), and that’s by design.”
Anti-crypto attitude backfires
Interestingly, Tidjane Thiam, the former CEO of Credit Suisse, the banking giant that recently had to be sold to survive, used to be vocally skeptical of digital assets like Bitcoin (BTC), arguing back in November 2017 that it was “the very definition.” of a bubble,” as Finbold reported.
On top of that, the Cardano founder shared an anecdote related to Credit Suisse, which refused to open an account for him in 2014, when he was still CEO of Ethereum (ETH) and based in Switzerland, explaining that cryptoassets were too dangerous and unstable to work with.
Meanwhile, five of the largest banks in the US have lost over $100 billion from their market capitalization by 2023, in contrast to the flagship decentralized finance (DeFi), which has added more than $200 billion to its market capitalization over the same period, as well as outperforming 97% of all S&P 500 companies.
Watch the full video below:
