Cardano founder Charles Hosskinson, known for his bold statements in the cryptocurrency market, spoke about Bitcoin.
ADA founder said that the US accepting Bitcoin as a reserve asset would be positive in terms of price, but it carries the risk of centralization.
The idea of making Bitcoin a reserve asset for the United States was recently put forward by presidential candidate Robert F. Kennedy Junior, who said that he would sign an executive order for the U.S. Treasury Department to purchase a total of 4 million Bitcoins.
Considering this situation, Hoskinson pointed out that this amount would represent 19 percent of the Bitcoin supply and said:
“It’s a complicated situation for Bitcoin. BTC being a US reserve asset is great for the price of Bitcoin, but it also poses a risk of centralization.
On the plus side, it would also be great for US Bitcoin regulation because the US would also be pro-Bitcoin in a way.
On the downside, the US Treasury Department controls 19% of the BTC supply, creating concerns of unprecedented centralization.”
I'm Waiting for Other Cryptocurrency ETFs Including Cardano ETF!
Also speaking about spot Bitcoin and Ethereum ETFs, Cardano founder Charles Hoskinson stated that he expects more crypto ETFs.
At this point, Hoskinson pointed out that spot Bitcoin and Ethereum ETFs make cryptocurrencies more accessible to individual investors, and added that he expects other ETFs, including the ADA ETF.
“BTC and ETFs have made cryptocurrencies more accessible to certain geographies, certain age groups, and also certain risk profiles.
Additionally, the doors for crypto ETFs have opened on Wall Street and I expect a number of new crypto ETFs in the future, including the Cardano (ADA) ETF.
Because you can't stop people from buying financial products or creating financial products or putting them together or making them accessible.”
*This is not investment advice.