Cardano (ADA) creator Charles Hoskinson says that crypto bear markets are not all doom and gloom.
In a Yahoo! Finance interview, Hoskinson says that crypto market downturns create an environment conducive to technological progress.
“Bull markets are really frustrating because nobody wants to cooperate. You have a lot of poaching [of talent], unrealistic wages and unrealistic expectations. Bear markets are actually quite comfortable. Those are the building parts… So you spend all day and you are able to talk to people, you are able to work with people.”
According to Hoskinson, new crypto sectors such as decentralized finance (DeFi) came into being during bear markets.
“I personally have been through, I think, like six bear markets now. And every time you’ve seen major advancements. That’s where the smart contract revolution came from. That’s where a lot of DeFi revolution came from.”
During the current crypto winter, the Cardano creator says the industry is focused on making a number...
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