Cardano Founder Calls Out Crypto Crackdown!

According to Charles Hoskinson, a vote for Biden is a vote against the American crypto industry.

Author

Danielle du Toit
May 10, 2024

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Here's what we've got for you today:

  • Joe Biden is Trying Hard to ‘Kill Crypto’, Says Cardano Founder

  • Jack Dorsey Forecasts Bitcoin to Reach Million Dollar Mark by 2030

  • Ether Supply Turns Inflationary for the First Time Since 2022

  • Only 14% of Stablecoins Survive, Says Deutsche Bank Research Report

“A vote for Biden is a vote against the American cryptocurrency industry,” said Charles Hoskinson.

  • Charles Hoskinson, founder of Cardano, has accused President Joe Biden and his administration of attempting to dismantle the U.S. cryptocurrency industry.

  • Hoskinson specifically criticized the SEC's approach of "regulation by enforcement" and the White House's interference in legislative processes, especially after Biden's office stated he would veto legislation counteracting SEC guidelines that prevent banks from holding crypto assets.

  • He also shared his thoughts about the SEC for using outdated laws to regulate cryptocurrencies, arguing that these rules are not suitable for modern digital asset classes.

In a recent interview with Mike Solana for Pirate Wires, Jack Dorsey predicted a very bright future for Bitcoin.

  • Jack Dorsey predicts that Bitcoin’s price could reach at least $1 million by 2030.

  • Dorsey also recently stepped away from Bluesky and criticized its shift from its original vision of being an open-source protocol that reduces censorship.

  • Now, he is concerned about Bluesky adopting a more traditional company structure which is influenced by venture capital and governance. Dorsey believes this very much contradicts the project's initial purpose.

The total supply of Ether increased from 120 million to 120.1 million two months after the Dencun upgrade went live.

  • After the Dencun upgrade was implemented about two months ago, Ethereum’s supply stopped being deflationary for the first time since 2022.

  • Despite the change in supply dynamics, the impact on Ethereum's ecosystem is expected to be minimal, as its strengths are mostly in its decentralized applications (DApps), not in being viewed as "sound money" like Bitcoin.

  • The Dencun upgrade was able to reduce transaction fees, which in turn decreased the amount of Ether being burned and slightly increased the total supply.

Deutsche Bank Research analysts recently released a paper on ‘stablecoins’ launched since 1800.

  • Deutsche Bank Research analysts found that only 14% of stablecoins lauched since 1800 have survived.

  • The study also raised concerns about the future viability of stablecoins, and pointed out that while a few might survive, most are likely to fail.

  • Successful stablecoins distinguished themselves by having three key features: credibility, adequate reserve backing, and tightly controlled systems, which were lacking in those that failed.

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