On Thursday (October 13), Charles Hoskinson, co-founder and CEO of Input Output Global (also known as “IOG”), the blockchain technology company behind Cardano’s research and development, explained the importance of having a regulation that values the benefits offered by cryptocurrencies.
according to Report By The Daily Hodl, IOG CEO said:
“It is necessary that we get it [to] next level. As many of you know, we want Cardano and cryptocurrencies in general to become the financial operating systems of the world. My great passion in life has always been to provide banking services to the unbanked and give the non-banking economic identity they control, self-sovereign and ultimately global in nature, ensuring human rights and freedom of association, commerce and expression.
“To achieve this there needs to be a regulatory system that recognizes the existence of cryptocurrencies, views them as positive things and values the freedom they provide people.“
On October 11, Hoskinson explained in an interview why he is so optimistic about cryptocurrencies in the long term.
When Bartiromo Hoskinson was asked about his current assessment of the cryptocurrency market and how he expected crypto regulation to change in the United States, the CEO of IOG responded:
“It is a tough market. The stock markets are down by nine trillion dollars, and the cryptocurrency markets don’t seem to be immune to that, but, you know, they’ve gone through seven booms and buses in the past eight years. So, we are used to it. We’re used to the ups and downs, but the fundamentals are still pretty strong.
“All infrastructure continues to be built. There are a lot of great exchanges that do great things. Lots of good protocols do things. So, like all things, it’s business as usual, and most of the major players are still building and still doing interesting things. So, I’m very optimistic overall in the long term, but it will be roughly in the short term.“
Then, when asked about Coinbase getting regulatory approval to operate in Singapore, Hoskinson said:
“Well, the US has been very tough, and as a result, a lot of crypto companies are going global and that ultimately means they are moving jobs and opportunities out of the US, and unless this environment improves and even improves, we will continue to see this trend as US companies diversify, whether It was Ripple or Coinbase, and that’s something we had to deal with. But overall, it shows you that people at Coinbase and others in the industry are bullish and optimistic about global growth.“
Mitch Russell, co-founder of Macro Trends Advisors LLC and a regular guest appearance on Fox Business, asked Hoskinson how crypto assets were affected by the slowdown in the global economy.
The CEO of IOG replied:
“I used to believe that digital currencies would be counter-cyclical and where people would put assets when they were afraid of the global economy, but so far they seem to be moving in tandem with tech stocks and some of the benchmark stock markets. So this is kind of a problem. But all things considered, I believe that in the long run the cryptocurrency markets will decouple from the traditional markets and have their own economy… and as you know, that will likely happen within the next 24-36 months.“
Then Bartiromo wanted to see how major blockchain upgrades – such as those conducted by Ethereum and Cardano recently – are improving the ecosystem.
Hoskinson told her:
“Well, it’s like many of the things we do. We are a slow and methodical project… Everything we do…is about making things better, faster, cheaper, and ultimately improving the usability and usefulness of the platform. So Vasil has been about 12 months in the making, and we just launched him last month, and it’s really exciting to see that he’s caused so many wonderful positive promotions in our community.
“But more broadly, when we look at the cryptocurrency space, this is the case. Most people build, and while the overall environment isn’t very positive, the individual environment for each cryptocurrency, whether it’s Ethereum with Merge or Cardano with Vasil, is getting better and better every day, and we continue to get more capabilities… There is a huge growth And everything from GameFi to metaverse to NFTs to DeFi. Therefore, I am very optimistic about the long term.“
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