Hoskinson says the Biden administration’s economic report is a silent danger


Cardano founder slammed the recently released report by the Biden administration, which stated cryptocurrencies as a useless innovation in the current era.

Just a couple of days ago, the Biden administration released an Economic Report and their authors dragged cryptocurrencies on their radar and badly criticised the crypto sector. In particular, the report highlighted high energy consumption by the Bitcoin network, no responsible company behind Bitcoin, high price volatility, and no intrinsic value behind crypto assets, & impact of cryptocurrencies on the economy. That report is partially representing the crypto sector and failing to mention the good factors. 

On 22 March 2023, Charles Hoskinson, the founder of Cardano blockchain & CEO or IOG, appeared in a new video podcast to share his opinion on the White House’s economic report on crypto and said that report is a silent danger. 

Hoskinson noted that the report failed to mention the positive things about cryptocurrencies like decentralised custody and control of money, financial inclusion, improved payment systems, and mechanisms for the distribution of intellectual property.

Hoskinson said that the report’s conclusions about crypto are bullshit because they are claiming that the recent US banking crisis occurred because of the crypto sector.

“they’re trying to blame us for this banking crisis they created – that’s what’s happening in these reports right now. We didn’t create this ‘big money backs tiny loans that lead to debt, despair, and even suicide”, Hoskinson said.

Further, Hoskinson said that the report is a very big danger to the crypto sector because the report is not part of any statement passed by Joe Biden or Trump, instead, it is the opinion written by government official authors and surely the lawmakers & policymakers will consider these reports when they will create or develop legislation about the crypto sector. 

Hoskinson also said that failed Switzerland-based bank Credit Suisse refused to open a Bank account for him in 2014, at that time he was CEO of the Ethereum blockchain. At that time they said that cryptocurrencies are very risky and that is why they can’t provide banking services.

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