The world markets have been hit hard over the last few weeks, with Coronavirus taking a toll on citizens and stocks crashing like no tomorrow. Several supporters have openly stated that if policymakers do not respond early, we would all have hit a devastating tipping point in history.
In a recent video, Charles Hoskinson, the CEO of IOHK Foundation spoke about how the cryptocurrency market could survive world pandemics and did not need a governing body that could make irrational decisions.
Charles Hoskinson said there was a lot going on in the world right now, while at the same time, banking systems just couldn’t keep up with that demand. He acknowledged that the increasing credit system was the cause for the rising debt, referring to the $4.5 trillion gargantuan debt accrued by the United States. The country has been on the slippery slope with increased rate cuts which were even endorsed by the government.
The IOHK CEO opined that everyone was waiting for something to save them without thinking about the consequences of their actions. He said:
“Japan was looking at the Olympics to boost its economy but now look what happened. With the spread of the Coronavirus, the tourism industry has taken a drastic hit which will in turn affect the rate of returns. This was a result of nothing being done about earlier warnings as pandemics were considered a last priority. It’s pathetic that governments cannot agree on basic things like when and where to administer vaccines.”
According to Hoskinson, there were several examples as to why institutions would fail in the 21st century. He added that the cryptocurrency market did not depend on just the price of Bitcoin or a volume increase. The entire market was devoted to creating an ecosystem where users can transact and move capital easily without air gripped regulator, said Hoskinson. The Cardano proponent emphasized on that point by claiming the industry would not require any notary, CEOs or officiating regulators.
Charles Hoskinson passionately pointed to the lack of impact wars or disasters would have on the cryptocurrency industry. As a staunch supporter of new innovative technologies, he has always picked at the hypocrisy of regulatory bodies. In his words, it was much safer to build new technologies on the cryptocurrency industry as it was immune to governmental decisions or other forms of attacks.
At the moment, there were are over 3000 cryptocurrencies that had multiple use cases. Hoskinson said that over the next five years, the winner of the crypto race will definitely be an asset that would surpass the rest on all aspects. All the current systems can be improved upon and will prove decisive to the build-up of a better financial ecosystem.
Charles Hoskinson also spoke about real world applications like the Brave browser, which was one of the fastest-growing browsers on the planet right now. The control that people have with cryptocurrencies was something that Hoskinson lauded. The current price movement was seen as a correction for earlier market systems with many waiting for a bullish rise.