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 of improvements and the integration of global ISO 20022, a new global standard for sending payment instructions between cross-regional and cross-border financial institutions.
“This particular one, many people are focused on interoperability improvements: so how do we integrate things like ISO 20022-backed initiative into the cryptocurrency space, how do we improve the scalability of protocols, how do we improve portability and get them to work on mobile devices, improve the consumer experience and then finally, how do we improve the governance side of things…
So how do you govern that when there’s no one in charge of the experience of tens of millions of users? So bear markets are the perfect time for that to happen because everyone is much more focused on work and they tend to be much more cooperative.”
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