Cardano’s Charles Hoskinson Says Crypto Is the Solution Because “Central Banks Can’t Trust Monetary Policy”
Hoskinson says crypto is the solution.
Cardano founder Charles Hoskinson has warned that tough times are ahead, calling out the Fed for its poor decision-making in previous years that has led to the current macroeconomic conditions that people are paying the price for; he said people cannot trust central banks when it comes to monetary policy. Notably, according to Hoskinson, cryptography is the solution.
“Cryptocurrencies are the way out of this madness. Central banks cannot trust monetary policy. They work for the political process and have given two generations of politicians a blank check that we now need to cover. It will get worse before it gets better. tweeted the founder of Cardano.
Cryptocurrencies are the way out of this madness. Central banks cannot trust monetary policy. They work for the political process and have given two generations of politicians a blank check that we now need to cover. It’s gonna get worse before it gets better
—Charles Hoskinson (@IOHK_Charles) August 26, 2022
Notably, Hoskinson’s tweets come in response to statements by Fed Chairman Jerome Powell during the annual policy address in Jackson Hole, Wyoming. Powell revealed that the Fed has no intention of backtracking on its hawkish stance, noting that it plans to raise rates until price stability is achieved. According to Powell, while his position will cause some pain, he thinks it’s a better outcome than what awaits us if inflation is allowed to rise unchecked.
As reported by Basic Crypto, following Powell’s speech, crypto markets plunged. Notably, over $70 billion has been erased from the crypto market capitalization.
It should be noted that in the early days of crypto, enthusiasts often argued that cryptocurrencies like Bitcoin were resistant to central bank policy changes. However, this has not been the case recently as Bitcoin has become increasingly sensitive to Fed rate hikes.
In response to this trend, Hoskinson says it’s all “smoke and mirrors.” According to Hoskinson, it results from institutional money manipulating the market.
It’s smoke and mirrors. Institutional money has manipulated the crypto markets
—Charles Hoskinson (@IOHK_Charles) August 27, 2022
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