Cardano founder Charles Hoskinson has come forward with a compelling defense of cryptocurrencies during the latest market downturn. Urging investors to steer clear of panic-selling, he characterized such actions as a retreat into a ‘dystopian future.’ Speaking from Colorado in a video released on November 15, he acknowledged that since October, the crypto market has lost around a trillion dollars in value but reinforced his perspective as someone who has weathered many boom-and-bust cycles.
In his commentary, Hoskinson scrutinized the emotional volatility often seen in the cryptocurrency markets. “It goes up, it goes down, and everybody freaks the f*** out. Paper hands. So papery,” he remarked, likening himself to a composed rider on a chaotic roller coaster, calmly reading a book while others scream in fear.
Forecasting a Billion Users by 2030
The Cardano founder contended that the market sell-off has not stemmed from weakening fundamentals of cryptocurrencies, but rather from excessive leverage, market manipulation, and trader psychology. “Have any of the fundamentals changed between now and a month ago or 12 months ago about crypto? Have any of the fundamentals changed? Any?” he asked rhetorically. Instead, he pinpointed rising US debt, diminishing trust in the dollar, and escalating geopolitical concerns, labeling governments as “morally bankrupt, fiscally bankrupt, and […] destined for Armageddon.”
He further criticized those converting their crypto holdings to fiat under such dire macroeconomic conditions. “You paper hand sons of […] want to exit into a currency that has nearly $40 trillion of debt,” he questioned, suggesting that their motivations—whether to buy a car, invest in real estate, or even to pay off credit cards—indicate a form of “collective Stockholm syndrome,” where individuals retreat to institutions that habitually undermine their interests.
“Crypto is the opt-out. Crypto is the exit. Crypto is the solution,” Hoskinson declared. He passionately articulated that blockchain technology offers “honest money,” verifiable voting systems, and auditable institutions where “no one can ever change the record to their own convenience.” He stated that there are currently “550 million people in the cryptocurrency ecosystem” and predicted that this number will swell to “a billion by 2030,” asserting that a significant portion of the world’s stocks and bonds will belong to the cryptocurrency space by then.
On the subject of market behavior, he reiterated that volatility is merely a secondary concern compared to long-term market direction. “Goes down, goes up, goes down, goes up… But it goes up because there are people,” he insisted, advocating that broader adoption and integration of financial markets into crypto will drive the overall value of the sector towards $10 trillion. “Trillion doesn’t even mean anything anymore. The dollar doesn’t mean anything anymore. Everything ought to be priced in crypto because it’s the only place left where there’s a semblance of objectivity and honesty.”
Extending his critique to traditional fiat money creation, Hoskinson described the current system as “a Ponzi scheme.” He explained, “The money is worthless because when they print it, they use it themselves, extract all the value, get hard assets with it, and then dump the worthless […] on you, and your wages don’t go up.” In contrast, he emphasized that “No one can turn off your ADA. No one can turn off your Bitcoin. No one can turn off your Ether.”
Hoskinson underscored the importance of on-chain governance and transparency as essential for credible institutions. “No voting in the United States will ever be legitimate again until it’s on a blockchain,” he asserted, adding that “no company in the United States will ever be fully legitimate, trustworthy, and honest until it’s a DAO.” He also highlighted privacy-focused technologies such as Zcash, Monero, and Cardano’s Midnight sidechain, which he described as integral to creating “real privacy,” aimed to be “fully programmable and soon to be postquantum.”
Even as he finds himself “so thoroughly done” with market panic, Hoskinson maintains a steadfast commitment to the crypto space, believing it remains the most viable route to safeguarding individual autonomy. “There’s a reason I’m still around and I haven’t retired,” he mentioned. “I honestly still believe we can win.”
For anxious traders facing a sea of red, his message resonates with urgency: “Hold the line. Bring people in. Get crypto going. Get the markets going again.” Selling, he cautioned, represents an endorsement of a world dominated by surveillance and control. “Don’t sign up for it. Sign up for crypto. That’s all I’m going to say.”
As a final note, Cardano was trading at $0.49 at press time.
