Cardano Founder Breaks Silence on Crypto Crash

You think you’re down bad after the recent crypto crash? Well, outspoken Cardano founder Charles Hoskinson would like you to take a moment to consider his dwindling finances.  

Speaking in a video streamed live to X / Twitter on Friday, Hoskinson revealed he currently has unrealised losses topping US$3 billion (AU$4.27 billion) on his personal crypto holdings.

I’ve lost more money than anyone listening to this — over US$3 billion now. It’d have been real easy to cash out and just walk away.

Charles Hoskinson, Cardano founder

Hoskinson shared his losses to counter claims by some in the crypto community that billionaire founders such as himself are insulated from the financial impact of crypto bear markets. The Cardano founder went on to bristle at the suggestion he’s even interested in the money, suggesting losing everything wouldn’t bother him in the slightest.

Do you think I honestly care if I lose it all? Do you think I’m doing this for money? You’re pretty mistaken if you do.

Charles Hoskinson, Cardano founder

Since hitting an all-time high last October of just over US$126k (AU$190k), Bitcoin has plunged and is currently hovering around the US$70k (AU$100k) mark — a drop of almost 50%. 

Meanwhile, since Cardano’s native cryptocurrency, ADA, hit its recent high of just over US$1 (AU$1.45) in August, it’s down over 70% — changing hands at the time of writing at just over US$0.27 (AU$0.38) according to CoinGecko.

Related: Hoskinson Targets Clarity Act and Ripple’s Compliance Stance

Crypto Will Deliver Us From “Evil”, Says Hoskinson

During the video, Hoskinson also discussed how difficult it is to replace the current “evil” global financial system with a fairer, blockchain-based system.

Why would it be easy? Why would any of this be easy? Why would any of this involve a straight path? We’re literally rebuilding and restructuring the entire world financial system.

Charles Hoskinson, Cardano founder

“Do you think it’s an honest system? Do you think it’s a fraud-free system? Do you think it’s not a corrupt system?”

Hoskinson argued that increased globalisation, accelerated by AI and changing demographics, is leading to the collapse of the old global financial order and we’re in the process of a huge and historic transition to a new order.

“The old guard and the old way of doing things is fading and they’re kicking and screaming as they’re being dragged off the stage and a new way of doing things is coming,” he said.

The only way to run a world like this is through a cryptocurrency, full stop…there’s an inevitability of victory, we just have to earn it.

Charles Hoskinson, Cardano founder

The Cardano founder also referenced the Epstein files and what he sees as a vast cover-up of horrific crimes committed by global elites as evidence that the current system and the people running it are evil.

“I don’t care if we fail or succeed, because it’s not about that,” Hoskinson said. “It’s about me, personally, saying I don’t consent to what’s going on. I don’t consent to the system that we have. I don’t, it’s evil, it’s irredeemably evil and every group of people who go and try to work with that system, they become evil…There’s no compromise with the devil.”

Related: Epstein Ties Surface in Early Bitcoin Industry Investment

Hoskinson argued that blockchain is the only hope of a new, non-evil system. Blockchain can constrain evil, Hoskinson claimed, because it can enforce rules that can be designed to prevent evil.

“We’re walking a road that doesn’t lead to an evil place, it’s just that simple…when we reset and get rid of all these dark, evil people the people that replace them go from ‘don’t be evil,’ to ‘can’t be evil’.” Hoskinson said.