Cardano (ADA) creator Charles Hoskinson explained in his Ask me anything (AMA) session that he is a billionaire despite the price of some crypto assets falling by as much as 40% and the cryptocurrency market crash.
In the AMA session, first reported by Daily Hodl, Hoskinson spoke on a variety of issues, including the financial situation and the development of the crypto space. Hoskinson is one of the prominent names in the crypto market, who founded IOHK (Input Output Hong Kong), the company behind Cardano and a partner of Ethereum, the second largest cryptocurrency.
Hoskinson: How did it start to be a billionaire?
During the conversation, he was asked what it was like to be a billionaire, and he answered that question with all sincerity. He announced for the first time that Bitcoin reached its all-time high of close to $ 20,000 during the 2017 bull run. It took Hoskinson three years to become a millionaire by starting his first crypto company, and then he became a billionaire that year.
Hoskinson also announced that he does not have any ETH, contrary to popular belief, and that he donated all of his earnings on time. It can be said that Hoskinson, the main name behind Cardano, became a billionaire through his investments in ADA.
Possible risks in the crypto market!
Hoskinson explained that as the magnitude of innovation in space creates stronger cycles of boom and decline, volatility can be expected in the cryptocurrency space as a warning to newcomers:
Welcome to Crypto. Crypto works like this. It goes up, goes very low. You cannot gain 900% without a pullback.
The purpose and risks of the cryptocurrency field as well;
“We are rebuilding society, and we all know that this activity has a collective value of trillions, if not tens of trillion dollars. Markets may not be very good at choosing winners and losers in such a nascent area. ”
He told it in words.
Finally, he ended his words by pointing out the problems that will bring about acting with emotions against investment:
“Extreme enthusiasm for all kinds of things leads to excessive expectations. This enthusiasm brings with it retreats, where people eventually become too pessimistic. ”