By Tobi Loba
The CEO of IOG, Charles Hoskinson, who created Cardano (ADA), has recently revealed the magnitude of his wealth, stating that he became a crypto billionaire in 2021.
Hoskinson made this revelation in an ask-me-anything session conducted on 19th May 2021. In the course of the AMA, the creator of Cardano (ADA) discussed this week’s devastating moment in the crypto market, and a number of other topics.
As an early adopter of cryptocurrency, a user asked him what it’s like to be a billionaire.
In response to the question, Hoskinson said:
“It took me three years from when I started my first cryptocurrency company to become a millionaire, and I was first a billionaire in 2017. Very, very briefly. Markets collapsed and everything went to hell, but I was doing okay. And then became a billionaire again in 2021.”
Regarding the major crash of cryptocurrency in the market that took place this week, Hoskinson said that’s how it works in the crypto world.
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He compared this crypto-era to the internet in previous years, stating that it will take time before stability can abound in the cryptocurrency industry:
“Welcome to crypto. That’s how crypto works. It goes way up, it goes way down. You guys can’t get 900% gains without expecting some pullbacks. That’s how the world works. Crypto’s very volatile.
It’s very unstable, and as a consequence understand that it’s a frontier market, and the point here is we’re reconstructing society, and we all know that by doing that, there are trillions if not tens of trillions of dollars of collective value in the activity. But where does that value go?
Markets have a hard time pricing innovation, and they have a hard time picking proper winners and losers, and there tends to be over-enthusiasm and over-justification for all kinds of things.
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And then there’s a pullback, and there are cycles and waves, and then people get overly pessimistic, and they throw the baby out with the bathwater just like they did with the dot com boom and bust.”
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