Cardano’s founder has recently revealed some staggering losses amidst the ongoing downturn in the crypto market.
“I’ve lost more money than anyone listening to this. Over $3 billion now,” he expressed, discussing the recent struggles within the cryptocurrency space. “It would have been really easy to cash out. Just walk away.”
He noted that his decision to stay invested isn’t driven by financial gain.
“Do you really think I care if I lose everything?” he questioned. “Do you think I’m doing this for money? You’re quite wrong if so.”
As Bitcoin dipped to $60,000 on February 6, Cardano’s ADA token fell to $0.221. This shift follows a turbulent start to the crypto market this year. Bitcoin’s values have dropped nearly 20% since the year began, while ADA has lost about 19% in the same timeframe.
Hoskinson explained the current market situation as a struggle against the traditional financial system. He pointed out that fluctuations are likely as the world undergoes a significant transition, noting that globalization is being impacted by both artificial intelligence and demographic changes.
“New ways of doing things are emerging,” he remarked. “The only way to run a world like this is with cryptocurrencies, full stop.”
He added that “victory is inevitable,” but emphasized the need to “earn it.”
Hoskinson encouraged those involved in the crypto industry to brace for more downturns while finding purpose in their mission. “Please know that each and every one of you in the crypto industry is doing something important,” he added. “You’re part of a movement that could change the world.”
