Charles Hoskinson, the founder of Cardano (ADA), recently predicted that as multiple governments’ national fiat currencies begin to fail, cryptocurrencies will become more popular.
Crypto is about to get a lot of adoption as sovereign currencies fail
— Charles Hoskinson (@IOHK_Charles) October 31, 2022
He tweeted: “Crypto is about to get a lot of adoption as sovereign currencies fail”. Hoskinson claims that this approach has a significant adverse effect on ETH’s liquidity which will eventually lead to a liquidity crisis.
Hoskinson: Ethereum is the Hotel California of cryptocurrencies
“Ethereum is the Hotel California of cryptocurrencies. You can check in, but you can’t check out,” said Hoskinson in a recent Cointelegraph interview. He asserts that a left-wing wave is already sweeping across South American nations, and that this wave will have an effect on the continent in the next ten years.
In accordance with his assumption, a recent Chainalysis report revealed that South American cryptocurrency adoption has increased by 40% within this year. This whole conversation took place at a time when Lula Da Silva was elected as Brazil’s new president after the arrest of former President Da Silva.
Brazil is one of the South American nations where the use of cryptocurrencies is growing rapidly. The study claims that residents of the area have embraced cryptocurrency as a way to transfer money home profiting the remittances since only local platforms are required to report user transactions, there is no information on people who purchased via foreign exchanges.
The Brazilian government recently reported that over 1 million Brazilians purchased cryptocurrency from domestic exchanges operating there in July. The tax office also stated that more than 12,000 businesses declared in August that they had cryptocurrencies in their possession.
Meanwhile, on October 12, the Brazilian city included ‘Bitcoin Pizza Day’ in its calendar. It is also to be noted that Hoskinson predicted that DOGE and Twitter might get merged and also Doge should be one of Cardano’s sidechains in his recent tweets.