Charles Hoskinson, the co-founder of Cardano (ADA) and the CEO of IOHK, has recently made some waves with expressing hopes that Cardano’s ADA coin could potentially become the world’s first trillion dollar cryptocurrency.
These comments came during a session with the blockchain startup incubator EMURGO in Addis Ababa, and Hoskinson noted that a trillion dollar market capitalization of ADA would mean that the cryptocurrency has become a de facto self-sustaining economy.
One of the main statements Hoskinson made was that a trillion-dollar capitalization of ADA would be far different from, for example, the more speculative nature of Bitcoin, which can lead to sudden flows and ebbs of capital.
Instead of having investors who invest in Cardano’s ADA cryptocurrency in hopes of seeing impressive gains and then selling their coins for euros or other fiat currencies, as Hoskinson noted is the case with Bitcoin, he envisions something else.
Rather, he sees Cardano’s ADA becoming a trillion dollar cryptocurrency which investors can actually use, highlighting the prospect of being able to, for example, get their paycheck in ADA and then be able to pay in restaurants using the cryptocurrency.
Truly being able to use the cryptocurrency in various aspects of daily life would mean that there will no longer exist an incentive for investors to trade the cryptocurrency for fiat currencies.
Furthermore, Hoskinson went on to note that profit is not the main driver towards reaching a trillion dollar valuation. Instead, adoption is the primary goal of Cardano, as it would in effect become a ”private system [with] built-in consistency and fair rules for everybody in the world”.
In addition to this, Hoskinson stated that he is not alone in having this vision, as it is reportedly shared by the rest of the Cardano community.
Unlike Bitcoin, Hoskinson argued, Cardano has users with a genuine interest in the development of the project, rather than solely the prospect of profits – something which is said to be evident by Cardano’s active community.
It may seem far-fetched that Cardano’s ADA could become a trillion dollar cryptocurrency, as a Redditor pointed out that this would represent an absolutely massive price increase to $22 at max supply, or of nearly 13,000% from the current price.
Nonetheless, the same Redditor noted that he had ”every hope in Charles”, and it is worth mentioning that Cardano is still somewhat of a work in progress.
More specifically, Cardano has not consolidated its mainnet, and it is one of only two Top 10 cryptocurrencies which do not yet have a fully developed blockchain.
As such, it remains to be seen how Cardano and ADA continue to evolve – however Hoskinson’s comments certainly present a tantalizing vision of the future.
Image Source: “Emurgo Youtube”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.