Cardano founder says Bitcoin cannot survive without crypto industry support

Cardano founder and CEO Charles Hoskinson has criticized the long-term viability of the largest cryptocurrency by market cap, Bitcoin (BTC).

Bitcoin needs support from the cryptocurrency industry to survive

The founder of Cardano expressed this concern in a recent popular interview, stressing that he believes Bitcoin cannot survive without the support of the entire industry.

Hoskinson’s views come in response to some bitcoin supporters who argue that bitcoin has evolved to a point where its survival is not dependent on the broader cryptocurrency ecosystem.

According to Hoskinson, Bitcoin needs the support of the cryptocurrency ecosystem, including exchanges and other infrastructure, to survive. However, he noted that the entire cryptocurrency ecosystem can continue to exist without Bitcoin.

“Bitcoin is no longer self-sustaining,” he said.

Any asset can replace Bitcoin as digital gold

While Hoskinson acknowledged Bitcoin’s reputation as digital gold, he stressed that the asset is ultimately a token with a deflationary monetary policy.

He believes that Bitcoin could be replaced by another digital asset that offers equivalent or greater security at any time. Hoskinson reviewed seven years of work by the Cardano Research and Development department to design a secure Proof-of-Stake (PoS) protocol.

He revealed that the ecosystem has been considering the right approach to building a secure consensus protocol that can meet energy needs and have all the characteristics of Bitcoin.

However, Hoskinson said the bitcoin community has called these efforts scams and denied that the technology has any hope of success.

In response to this criticism, Hoskinson stressed that he could not imagine Bitcoin surviving in the long term. He claims that Bitcoin has a religion rather than an ecosystem.

The Cardano founder added: “We don’t necessarily need Bitcoin. If Bitcoin wants to survive in the long term, it must grow, adapt, and change.”

Hoskinson warned that Bitcoin could face a similar fate to Microsoft, which lost significant market share due to a paradigm shift in the tech market.

Furthermore, Hoskinson also pointed out that as the industry develops, more attention will be placed on innovation outside the Bitcoin network, and Bitcoin may one day lose its market dominance.

The founder of Cardano has been open about Bitcoin’s technical flaws. As Cointelegraph reported earlier, he noted that Bitcoin is its own worst enemy as the community has failed to bring innovation to the network.

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