Bloomberg senior analyst says no one believes Cardano founder’s recent statement. Here’s what he said

Bloomberg ETF analyst Eric Balchunas has responded to recent comments made by Cardano founder Charles Hoskinson regarding Cardano’s stance relative to Bitcoin and Ethereum.

Hoskinson once again made an intriguing statement over the weekend, this time catching the attention of Balchunas, who questioned the viability of Hoskinson's recent statements, ultimately concluding that no one believed them.

Hoskinson talks about going beyond Bitcoin and Ethereum

In a speech at the Cardano Summit, Hoskinson praised the progress the network has made in its seven-year existence. He said Cardano has grown from nothing to an 11-digit network with millions of users and the largest research team in the world.

Hoskinson’s controversial remarks came at a time when he claimed that the Cardano network will be “bigger” than both Bitcoin and Ethereum in the coming decades. Notably, despite his failure to clarify his stance, the general consensus is that the Cardano founder was referring to the size in terms of market capitalization.

However, putting the Cardano network side by side with the two crypto assets reveals a huge difference. For example, Cardano occupies the 11th position with a market cap of $12.8 billion, while Bitcoin and Ethereum occupy the top two positions, with market caps 105 times ($1.35 trillion) and 25.6 times ($326.8 billion) larger than Cardano, respectively.

Additionally, Bitcoin and Ethereum have witnessed massive institutional adoption. Both crypto assets have spot exchange-traded funds, and products tied to the former have attracted more than $20 billion in inflows.

Balchunas said this goal is not feasible

Responding to Hoskinson's comments, the senior analyst claimed that no one believed this would happen. Balchunas added that he doubts the Cardano founder himself believes his prediction, given his timeline.

Notably, this conclusion came after Balchunas asked the crypto community what they thought of Hoskinson’s statement. On Twitter, he called the assertions "pretty ambitious goals" and asked if they were possible.

In a similar vein, Hoskinson hedged his belief in the supremacy of Cardano in this way, arguing that Cardano has entered the community-driven, decentralized Voltaire era. It is worth mentioning that the Chang upgrade went live on September 1, introducing Cardano to a fully inclusive governance system.

The Cardano founder believes that the recent upgrade will attract most of the world’s governments to run on blockchain infrastructure within the next decade. Notably, it is based on the premise of the new governance that he calls Ethereum an authoritarian regime controlled by co-founder Vitalik Buterin.

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