After a crazy year for crypto markets, Cardano creator Charles Hoskinson says he is now a billionaire by 2021.
Hoskinson talked about a variety of issues, from this week’s crypto bloodbath to the new Chinese regulations, in a session where his followers asked him questions.
Hoskinson is the founder of Ethereum, the founder of IOHK (Input Output Hong Kong), the company that created and developed Cardano, and is one of the early adopters of crypto.
When asked what it is like to be a billionaire, the CEO of IOHK said; He said that his first step to this status was in the 2017 crypto bull market.
“It took me three years since I started my first cryptocurrency company to become a millionaire, and I was first a billionaire in 2017. For a very, very short time. Markets collapsed and everything went to hell, but I was fine. And then in 2021, I became a billionaire again. ”
According to IOHK’s statement, the company received both Bitcoin and ADA for the contract to work on the Cardano project. IOHK converted most of the bitcoin into fiat money while receiving it to ensure project stability. In addition, Hoskinson recently announced that he does not own Ethereum.
Regarding the volatility in crypto prices this week, Hoskinson stated that the size of the crypto innovation prevents markets from remaining stable and clearly separates winning investments from failures, and explained that it will take time for industry-leading projects to emerge steadily.
“Welcome to Crypto. Crypto works like this. It goes up, goes very low. You cannot gain 900% without admitting that some drawbacks will occur. This is how the world works. Crypto is very volatile. This is very unstable and understand that this is a border market as a result. The issue here is; We are rebuilding society, and we all know that there are tens, if not trillions, of trillions of collective value in action in doing this. So where does this value go? …
Stating that this is just like the development and adoption of the internet in the past years, Hoskinson said; If somebody had come decades ago and said that someday we would invent something that would instantly move information anywhere for free, nobody would believe it; He stated that now, as in the past, everyone knows that everything will change, but they do not know what to do about it.
“So the main thing is; that is why these blood baths exist. Markets have a hard time pricing innovation, choosing suitable winners and losers, and there is a tendency to over-enthusiasm and over-justification for all kinds of things. Setbacks, cycles and waves are happening. As a result, people become extremely pessimistic and burn quilts for fleas, just as they did in the dot com explosion… At some point we will have a conclusion ”