Cardano founder Charles Hoskinson determined to share an anecdote encompassing his expertise with the now-struggling Credit Suisse financial institution.
Hoskinson recounted this story in his podcast streamed on March 20. According to him, again in 2014, whereas he was in Ethereum (ETH) and based mostly in Switzerland, Credit Suisse, who final yr made large headlines, refused to open an account. The firm claimed cryptocurrencies have been too harmful and unstable to work with.
In explicit, the inventor of Cardano introduced out the irony of the entire issues that Credit Suisse and the banking business as an entire have been going by means of in the intervening time, within the context of its essential stance towards crypto and Hoskinson himself 9 years earlier:
As per Hoskinson, the banking system is beginning to collapse inevitably as a result of it’s at all times been a Ponzi scheme. The Cardano founder asserts that this scheme relies on taking “other people’s money” and utilizing it to extend and create cash into existence, give it to folks all around the world, after which making windfall income from it till the folks begin to really feel shaky, through which case customers socialize their losses and provides these similar losses to society, which is exactly what has been occurring for years within the banking business.
It can also be price mentioning that the previous CEO of Credit Suisse, Tidjane Thiam, declared bitcoin (BTC) “the very definition of a bubble” again in November 2017, including to the irony of the financial institution’s present state and its historic angle towards cryptocurrencies. Thiam argued that “the only reason to buy or sell Bitcoin is to make money,” disregarding the asset.
Meanwhile, Credit Suisse’s inventory has continued to tank because the UBS merger didn’t quell investor fears. The most up-to-date knowledge from Google Finance on March 21 exhibits the inventory has dropped almost 65% within the earlier 5 days and virtually 70% on its month-to-month chart.
