In this content, Charles Hoskinson, the creator of Cardano, talks about the resilience of cryptocurrency compared to the fragility of banks. He discusses the recovery of the crypto market since the FTX crisis in 2022 and explains that people are losing interest in traditional banking. Hoskinson mentions the potential issue of regulation in the US driving cryptocurrency offshore. He also discusses the uncertainty surrounding regulation as different agencies may be involved. The content also mentions the rumored launch of an NFT marketplace by Amazon and the potential impact it could have on the crypto industry. Other topics covered include LeBron James wearing Ethereum NFT shoes and Kathy Wood’s bullish outlook on crypto.
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I’d rather be a crypto guy than a banker right now
In a recent interview with Fox Business, Charles Hoskinson, the creator of Cardano, expressed his preference for the crypto industry over traditional banking. He emphasized the resilience of cryptocurrencies and the fragility of banks, stating that more and more people are realizing this.
The state of the crypto market
Hoskinson mentioned that the crypto markets have been recovering steadily since the FTX crisis in 2022. While there may still be some time required for a complete recovery, he reiterated his belief that being involved in the crypto space is more advantageous than being a banker at the moment.
Loss of interest in traditional banks
Hoskinson discussed the decreasing interest in traditional banks, suggesting that the entire business model of banking is falling apart. He cited the massive increase in tied-up assets and the politicization and globalization of institutions like SG SBB as contributing factors. In contrast, he praised the simplicity and purity of the crypto industry.
Regulatory challenges in the US
Hoskinson highlighted the potential impact of regulations on the crypto industry. He mentioned a recent proposal by President Biden to impose a 30% climate change tax on cryptocurrency mining, citing the high earnings of Bitcoin miners as a potential reason for this tax. He also acknowledged the fragmented and complex regulatory framework in the United States, which he believes may drive cryptocurrency activities offshore.
Volatility and uncertainty
Hoskinson acknowledged that volatility in the crypto markets is influenced by factors beyond just regulatory unknowns. He mentioned macroeconomic issues, such as bank failures and geopolitical uncertainties, as other contributing factors. However, he expressed optimism by pointing out that big companies like Google, Visa, and MasterCard are venturing into the crypto space.
Amazon’s entry into the NFT market
The script mentioned rumors of Amazon’s potential entry into the NFT market. It speculated that Amazon’s NFT Marketplace, set to launch on May 15th, would focus on blockchain gaming and associated in-game NFT collectibles. The script described potential features such as the ability to pay for NFTs using standard payment methods and the storage of NFTs in users’ Amazon accounts.
LeBron James spotted wearing Ethereum NFT shoes
The script shared the news of NBA star LeBron James being seen wearing special edition Nike sneakers that can only be obtained via an Ethereum NFT. This endorsement by a prominent figure like LeBron James showcases the growing influence of NFTs within the mainstream market.
Kathy Wood’s bold predictions
Kathy Wood, the renowned investor and CEO of ARK Invest, continues to be bullish on the future of crypto. She predicts a one million dollar Bitcoin price and a significant increase in Ethereum’s value by the end of the decade. Furthermore, ARK Invest recently acquired $8 million worth of shares in Coinbase, reaffirming their optimism in the crypto exchange.
Active addresses in the crypto market
The script mentioned the active addresses in April for Binance Smart Chain (BSC) and Ethereum. BSC had over 10 million active addresses, while Ethereum had 4.9 million. This demonstrates the growing usage and adoption of these blockchain networks.
Avalanche’s token unlock event
Avalanche, another cryptocurrency, is planning a token unlock event on May 28th. This event will release approximately 3% of the current circulating supply of AVAX tokens, worth over $168 million. Investors and users of Avalanche will need to be prepared for potential market fluctuations resulting from this event.
Bitcoin 2023 conference and Robert Kennedy Jr.’s participation
The Bitcoin 2023 conference in Miami is set to feature Robert Kennedy Jr., a U.S. presidential candidate who is also optimistic about Bitcoin. His presence at the conference highlights the growing interest in cryptocurrency among influential figures.
As the crypto industry continues to evolve and gain mainstream attention, it is essential to stay informed about the latest developments and trends. Whether one chooses to be a “crypto guy” or remain in the traditional banking sector, the dynamic nature of this space makes it an exciting area to explore.
