• Mon. Dec 4th, 2023

Charles Hoskinson Explains Why Tesla CEO Should Pick Cardano Instead Of Bitcoin

Jun 23, 2021

Charles Hoskinson believes that Elon Musk should seriously consider adopting Cardano (ADA) over Bitcoin (BTC) for his company, Tesla. BTC was removed from Tesla’s list of payment options following concerns about BTC mining causing irreversible damage to the environment, as well as the fact that the mining consumes too much energy. Bitcoin also took a huge hit when China had banned mining operations in the country, causing numerous miners to flee elsewhere.

Hoskinson believes that for the long term, Cardano is indeed superior to Bitcoin in terms of programmability and sustainability. This would make sense, too, as Bitcoin (significant as it is) is getting old and might not be able to compete with the newer and faster projects that have since been released to the public over the last decade, chief among which are the likes of Ethereum (ETH).

Cardano Adoption Makes Sense, Says Hoskinson

During the highly acclaimed Lex Fridman podcast, Hoskinson had decided to make a case for Elon’s company and explain why it should actively consider leaving Bitcoin behind in favor of Cardano. The CEO of IOHK claims that Tesla has made a big issue about carbon neutrality and sustainability. However, if Elon truly cares about the environment, then adding Cardano should be a no-brainer.

The Cardano founder went on to say that if Tesla really is concerned about issues such as carbon reduction, sustainability, carbon neutrality, and alternative energy, then it would be highly unrealistic to expect these problems to be adequately solved via Bitcoin. This is because Hoskinson elaborated, there is a lack of a built-in key mechanism designed to successfully constrain the massive consumption of energy. As we all know, this kind of consumption is often considered to be a negative when it comes to proof-of-stake, and so the goal should be to ultimately minimize it, Charles concluded.

Cardano is much more efficient

Charles reluctantly agreed to the fact that Bitcoin may be able to utilize some energy which would otherwise often be wasted, but he was also quick to argue that in order for Bitcoin to be used in an eco-friendlier way, then the so-called proliferation of the flagship crypto would most likely also result in the proliferation of wind and solar energy. Hoskinson then added more fuel to the fire by claiming that his project is, in fact, more efficient than Bitcoin by ‘1.6 million times’.

Charles then summarized his thoughts on the issue by once again stating that Bitcoin does not possess superior programmable capabilities at all and that it is precise because of this that the other major cryptocurrencies have a high chance of eventually replacing it in the future.

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