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Cardano founder doubts Bitcoin's future as world reserve currency


 

Cardano's founder doesn't believe Bitcoin has what it takes to become the world's leading currency.


Charles Hoskinson stated in a recent interview that he didn't think Bitcoin would become the world reserve currency. According to the founder of Cardano, a cryptocurrency with smart contract features would become the global reserve currency.


Hoskinson believes Cardano or Ethereum would become the world reserve currency. A global reserve currency must offer services like smart contracts, metadata standards, and improved throughput that complete enormous transactions per second.


According to the Cardano founder , the scarcity of Bitcoin is due to the high cost of production:


"If you make paintings, one of which you have to paint by hand and the other by machine, and both look the same and the demand for both is the same, then the effort for one is a thousand times greater than for the other."


Hoskinson spoke about Bitcoin's massive energy consumption, adding that the cryptocurrency industry should focus on efficient alternatives with less energy consumption.


Although Bitcoin does not currently have any smart contract features, it could soon be integrated. Jack Dorsey, CEO of Block (formerly known as Square), has previously stated that his company is working to add decentralized finance capabilities to the Bitcoin ecosystem.


This would mean that the Bitcoin blockchain has a smart contract and similar features. Bitcoin remains the leading cryptocurrency in the world, accounting for more than 40% of the total cryptocurrency market cap.


The cryptocurrency market has underperformed over the past few days. The total cryptocurrency market cap is currently around $1.7 trillion compared to the $2 trillion recorded last week.


Bitcoin is trading around the $42,000 region and has lost more than 2% of its value in the last 24 hours. ADA, the native token of the Cardano ecosystem, is up less than 1% so far today and is currently trading at $1.05.

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