Although the cryptocurrency market sometimes tries to make a move, this move fails for different reasons. The market, which was driven by the wind of Ethereum Merge for a while, hit the aggressive Fed wall and went down. However, Cardano founder Charles Hoskinson explains the catalyst he believes could end the crypto decline and ignite the “mega bull market”.
Cardano founder: If this happens, we will see a mega bull market
Leading altcoin Ethereum (ETH) has successfully completed the long-awaited Merge upgrade. After that, Cardano (ADA), an Ethereum competitor, also implemented the Vasil Hard Fork. Significant developments like these in the cryptocurrency market act as important catalysts under normal circumstances. However, its flames are quickly extinguished in harsh winter conditions. However, the Cardano inventor talks about a development that will end the crypto winter. Accordingly, he says he has identified the catalyst that will spark a massive industry-wide rally.
Cardano creator Charles Hoskinson discusses the state of the crypto market in a new interview. Hoskinson says that if the US government passes the Financial Innovation Act, the crypto markets will start their mega bull run. Hoskinson notes that the passage of this law will encourage institutional investors to flood the crypto markets with capital. He also states that it will drive him to reduce the regulatory risks associated with investing in digital assets. In this context, Hoskinson makes the following statement:
Since joining, I have seen seven bull-bear markets in the cryptocurrency space. This is no different from the current market. It may take 18 months, or it may take two years. It may even expire at the end of the year. Nobody knows this. It could be any Sunday. However, if America passes the Financial Innovation Act, large amounts of corporate money will come in. In addition, all regulatory risks associated with crypto will be eliminated. So we’ll likely see a mega bull market.
“Gary Gensler means mega bear market!”
cryptocoin.comAs you follow, the Financial Innovation Act, proposed in June by Republican Senator Cynthia Lummis from Wyoming and Democratic Senator Kirsten Gillibrand from New York, aims to create a comprehensive regulatory framework for the digital asset industry.
But Hoskinson notes that it’s possible for the markets to go the other way if some regulators, such as Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC) get more authorization. Based on this, he comments:
If people like Gensler are empowered, there will be a large amount of lawsuits. In this case, it is possible to see a mega bear market take place. In this case, all these poor entrepreneurs are simply thrown out of their jobs by the rude government.
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