The new EconomicReport of the White House hit the crypto market like a bombshell by labeling cryptocurrencies as too risky and stating that digital currencies have no fundamental value. Cardano (ADA) founder Charles Hoskinson responded to this report with two legs outstretched
Hoskinson lashes out at the report
Hoskinson responded to Biden’s annual report and actually didn’t have a good word for it. Hoskinson indicates that the authors of the report largely blame the crypto market for the current banking crisis. In a YouTube video he explains why he thinks this is total nonsense.
In addition, according to him, the authors of the report argue that crypto had not delivered any of the promised benefits, such as decentralization, financial inclusion, improved payment systems and mechanisms for the distribution of intellectual property. According to Hoskinson, all of these claims are simply false.
The report is ‘nonsense’ says founder Cardano
Cardano’s founder dismissed these conclusions as “nonsense” and pointed out that in this way the US government blamed the banking crisis on the crypto market, while they themselves should bear the blame for this.
“they are trying to blame us for this banking crisis they created – that is what is happening now in these reports. We did not create this “big money backs small loans that lead to debt, desperation and even suicide.”
Hoskinson is also very concerned about the report. According to him, this is not just about speeches or a haphazard statement by a president. No, according to Hoskinson it is about an important report that may in some way end up in concrete legislation. That, according to Hoskinson, would be nothing short of tragic.
“Reports like this are a silent danger because these are the things, not Biden or Trump speeches, these are the things that find their way into legislation, into policy, into oversight. These are the things that are taken as simple truth”
What further debunks the report, according to Hoskinson, is the fact that Credit Suisse, the Swiss bank that was almost taken over by UBS, wanted nothing to do with crypto at all. The CEO of Credit Suisse was known for his anti-crypto views.
Charles Hoskinson himself was allowed not even a bill at Credit Suisse because of his crypto background.
