Cardano (ADA) founder Charles Hoskinson thinks crypto bear markets are not all bad and bleak.
Hoskinson’s new release to Yahoo Finance in the interviewnoted that the declines in the crypto market have created an environment conducive to technological progress.
“Bull markets are really frustrating because nobody wants to cooperate. You have a lot of poaching (the practice of aggressively recruiting talent from competitors), unrealistic wages and unrealistic expectations. Bear markets are actually quite comfortable. […] So you spend all day and you can talk to people, you can work with people.”
According to Hoskinson, new crypto sectors such as decentralized finance (DeFi) emerged during bear markets.
“Personally, I’ve been through what’s like a six-bear market right now. And there have always been great developments. This is where the smart contract revolution comes in. This is where many DeFi revolutions come from.”
The Cardano founder also touched on the developments in the current crypto winter. Hoskinson added that currently the industry is focusing on making a number of improvements and the integration of global ISO 20022, a new global standard for sending payment orders between cross-border financial institutions.
“Many focus on interoperability improvements: how do we integrate things like the ISO 20022-backed initiative into the cryptocurrency space, how do we improve the scalability of protocols, how do we improve portability, and how do we make them work on mobile? And ultimately, how can we improve the management side of things…
So how do you manage this when no one is responsible for the experience of tens of millions of users? So bear markets are the perfect time for that to happen because everyone is so much more focused on their work and they tend to be much more collaborative.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.