Charles Hoskinson Highlights Reasons Why Elon Musk’s Tesla Should Choose Cardano over Bitcoin
AI Trading

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.

Read Also: Analyst: Cardano (ADA) DApps Have Potential to Go Parabolic Once Support for Smart Contracts Launches

As an early adopter of cryptocurrency, a user asked him what it’s like to be a billionaire.

AI Trading

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.

Read Also: Charles Hoskinson Speaks About Effort and Resilience That Bring About Cardano (ADA)

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.

Read Also: Cardano (ADA) Is Now Available On ChangeNOW for Fiat Euro and USD Purchases

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.”

Follow us on Twitter, Facebook, Telegram, and Download Our Android App

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.