Latest news with #Hoskinson
Yomiuri Shimbun
5 days ago
- Business
- Yomiuri Shimbun
‘Magnificent 7' Could Adopt Stablecoins in Next 3 Years, Says Crypto Platform Founder
Japan News file photo Charles Hoskinson during his visit to Tokyo in September 2024 Cardano blockchain founder Charles Hoskinson expects IT giants will enter the cryptocurrency space within three years, spurred by U.S. President Donald Trump's vow to make America the crypto capital of the world. 'Now institutional investors like the BlackRocks, the Goldman Sachses and large companies like the 'Magnificent 7,' like Microsoft and Google and Apple, are much more likely to enter the cryptocurrency space,' Hoskinson told The Japan News in an online interview in May. Using crypto 'saves them money,' he added. When firms sell products abroad, they normally have to conduct transactions through middlemen, such as local payment systems and banks that charge commissions. On top of which, there are fees for changing currency. However, if a firm has a cryptocurrency on its own network, it can save money through direct transactions, said Hoskinson, who also cofounded Ethereum blockchain platform. 'Facebook tried about five, six years ago with a project called Libra, which later became Diem, and unfortunately it fell apart because the regulation just wasn't there for issuing a stablecoin,' he said. But because of Trump's support, 'it's very likely within the next 12 to 36 months that these large companies will enter in, including Japanese companies.' He added that if companies like Toyota Motor Corp. adopt this technology, their dealerships could pay them with tokenized yen to save on transaction fees. Businesses did not use crypto previously because of 'the compliance issues and the legal issues. But now that the United States is entering the space, it's opening up the laws.' Planning for the long term In January, Trump signed an executive order to establish a strategic reserve for bitcoin, mirroring existing reserves for petroleum and gold. He followed that up with an order to promote legitimate dollar-backed stablecoins and hosted a first-of-its-kind crypto summit in March. The sudden and successive announcements have even surprised Hoskinson. In March, he learned from a post by Trump on his app Truth Social that the strategic crypto stockpile would include Ethereum, XRP, Solana and Hoskinson's own Cardano. 'When the Federal Reserve discusses interest rates, they say it over 30, 40 pages of dense prose and very careful language. They typically don't tweet,' said Hoskinson, adding, 'That is just the nature of this president.' Hoskinson's concern now is whether the slew of new policies will hold long-term. The White House under U.S. President Joe Biden had taken a tough stance on cryptocurrency, but now the Trump administration is targeting this asset for its reserve. The drastic shift in policy is 'creating some heartburn for us in the industry,' said Hoskinson. To ensure that crypto policies last, he noted the industry is working very closely with the Senate Committee on Banking, Housing, and Urban Affairs as well as the House Committee on Financial Services, 'trying to pass laws for many administrations.' 'Trump will no longer be president in January of 2029, but whatever laws we pass will likely still be in effect at that time period,' he said. 'So that's why we're very focused in those directions.' 'Above my pay grade' Trump has also become personally involved in crypto ventures. In January, he launched the $TRUMP memecoin, and the coin's top 220 buyers recently won access to an exclusive gala dinner with the president. In March, World Liberty Financial, Inc., a crypto project affiliated with the Trump family, announced that it would issue a stablecoin pegged to the U.S. dollar at a 1:1 ratio. Although these coins are not controlled by the government, the move has drawn allegations that Trump is using his position to enrich himself. Hoskinson said he doesn't take a negative or positive view of Trump's actions, as judging the president is 'above my pay grade.' 'We don't really try to pick winners or losers,' he added. 'We just say, 'Are there good laws and also are the markets growing and are we achieving our commercial ends?''
Business Mayor
24-05-2025
- Business
- Business Mayor
Charles Hoskinson's Long-Standing Crypto Prediction Is Playing Out
As U.S. banking giants move toward launching a unified stablecoin, Cardano founder Charles Hoskinson is taking a quiet victory lap. The outspoken blockchain pioneer has long warned that traditional financial institutions would eventually co-opt crypto infrastructure—and now, it's happening. Following recent reports from The Wall Street Journal, JPMorgan, Wells Fargo, Bank of America, and Citigroup are reportedly in talks to create a bank-issued stablecoin, with backing from payment giants like Zelle and The Clearing House. The initiative aims to produce a fully regulated digital asset that could rival established players like Tether and Circle. Hoskinson responded with a simple 'As predicted' on X—three words that echoed loudly across crypto circles. The move comes at a moment of regulatory clarity, as the GENIUS Act gains traction in the U.S. Senate, offering a framework for stablecoin compliance. With a pro-crypto White House under President Trump and a $243 billion stablecoin market ripe for disruption, the stage is set for banks to finally enter the digital currency arena. For Hoskinson, this isn't just validation—it's a warning. He's frequently cautioned that unless the crypto space stays decentralized and vigilant, it risks being absorbed by the very institutions it sought to disrupt. While the banking sector's embrace of blockchain could drive mainstream adoption, some fear that this shift will come at the expense of decentralization. A bank-backed token may win on trust and liquidity, but it also raises concerns about gatekeeping, censorship, and financial centralization—all issues that early crypto founders, Hoskinson among them, hoped to eliminate. As the stablecoin wars heat up, Hoskinson's voice remains a reminder that the future of crypto isn't just about adoption—it's about who controls the rails. READ SOURCE
Business Mayor
17-05-2025
- Business
- Business Mayor
Cardano Founder Threatens Lawsuit Over 318 Million ADA Seizure Claims
Cardano founder Charles Hoskinson is preparing to take legal steps against individuals alleging that he manipulated the blockchain to take control of 318 million ADA tokens. The accusations, which recently emerged on the social media platform X, suggest he used his Genesis keys in 2021 to seize funds belonging to early investors. Last week, NFT artist Masato Alexander claimed that during the Cardano 'Allegra' hard fork, the network overwrote certain unspent token allocations from the original token sale. It then rerouted those tokens to Cardano's reserves. 'In 2021, the Cardano 'Allegra' Hard Fork (HF) wasn't just a routine upgrade. It contained an extra payload. This HF effectively ERASED the original ICO UTxOs holding the ₳318M and swept the funds into the Cardano reserves,' Alexander wrote. Alexander claimed that although they intended to reissue the funds to their rightful owners, they allegedly withheld a large portion. He further claimed that only a small percentage of the tokens funded Intersect, a Cardano governance initiative. Most of the tokens, he alleged, were staked to generate an estimated 25 million ADA in additional rewards. 'Only a tiny fraction went to Intersect… Where did the VAST majority of that ₳318 MILLION actually go after being moved from reserves? Separately, the funds were staked, earning 25m additional,' Alexander alleged. In addition, Alexander criticized the lack of clear documentation on the fund's path, suggesting there is no verifiable audit trail. Ironically, Charles recently emphasized needing community input for scaling solutions, citing the importance of governance. Yet, when ₳318M was at stake, he acted unilaterally via genesis keys to alter the ledger and control these funds. Interesting. — masato_alexander (@masatoalexander) May 7, 2025 However, Hoskinson has strongly rejected the allegations. In a response posted to X, he described the claims as 'lies' and clarified that the ADA vouchers became unspendable following the Allegra hard fork. The Cardano founder explained that these assets were transferred to a custodial account managed by the Token Generation Event (TGE). This account continued processing redemptions for three years. 'The Ada vouchers became unspendable after the hard fork. They were rolled into a custodial account controlled by the TGE that then continued redemption for 3 more years to distribute the genesis funds to the original buyers,' he said. Hoskinson stated that original buyers eventually claimed 99.8% of the ADA sold during the ICO. He added that the team allocated only 0.2% of the tokens to fund Intersect. 'After seven years, the remaining 0.2 percent were returned to the TGE and donated to Intersect through the same process that funded the Cardano Foundation,' he added. While the Cardano team has not released a full public report, Hoskinson noted that the redemption process is still ongoing. He warned that he will sue Alexander and others who repeat the claims if they keep alleging that Input Output Global stole funds.
Yahoo
14-05-2025
- Business
- Yahoo
Cardano's Hoskinson Rejects Crypto Tribalism, Reveals Fresh Details on Massive ‘Glacier Drop'
ADA's Charles Hoskinson wants crypto's tribal warfare to end, and he's prepared to drop tokens on 37 million wallets across eight different blockchains to make peace. "Every Consensus, there's a new token... running around saying, 'my thing is better than your thing,'" Hoskinson said on stage at Consensus 2025 in Toronto. "The Nash equilibria is competitive, not cooperative." Using Midnight's upcoming airdrop, called Glacier Drop, for Cardano's privacy-focused sidechain that's currently under construction, Hoskinson thinks he can do his part to bring peace to the crypto galaxy. Glacier Drop was first teased in late 2024, Hoskinson revealed key new details during his speech at Consensus 2025, including Midnight's expansive multi-chain approach. Hoskinson confirmed that Midnight tokens, both the NIGHT governance token and the DUST privacy-focused transaction token, will be distributed to approximately 37 million users across eight major blockchains. Unlike typical token launches, Midnight's tokens will be distributed entirely to the retail community with zero allocation to venture capitalists or early insiders, Hoskinson said. The Cardano founder said on stage that he dismissed venture capital interest in Midnight's token launch, saying he had 'no f-ing time for your ponzi' and told them to 'get the hell out,' opting instead to give the tokens away in what he pitched as a principled, VC-free airdrop. Recipients of Midnight tokens from the upcoming Glacier Drop can freely keep, trade, or discard them, Hoskinson explained, a departure from traditional crypto airdrops that typically reward insiders or early adopters exclusively. "You already have it, congratulations," Hoskinson said. "It's yours. It's your property." Glacier Drop underscores Hoskinson's vision of "cooperative economics," another core concept introduced during his speech. Midnight's new economic model will enable developers from different blockchain networks to seamlessly build hybrid decentralized applications, allowing users to pay fees in their native tokens. Ethereum developers pay in ETH, Solana developers in SOL, and Bitcoin developers in BTC, Hoskinson explained. Validators across different chains can collaboratively maintain the network, earning rewards regardless of their blockchain affiliation. Midnight is currently in testnet, with a mainnet launch expected by late 2025. Hoskinson sees the Glacier Drop, cooperative economics, and rational privacy as essential ingredients for welcoming billions of mainstream users expected as Big Tech companies finally enter crypto. "This is the project that I'm having the most fun with right now," Hoskinson said, "because it's the project where I get to be friends with everybody."
Globe and Mail
20-04-2025
- Business
- Globe and Mail
1 Top Cryptocurrency to Buy Before It Soars 194%, According to the Co-Founder of Ethereum and Cardano
In a recent podcast interview with CNBC, Charles Hoskinson, the co-founder of both Ethereum and Cardano, suggested that Bitcoin (CRYPTO: BTC) could hit a price of $250,000 this year. That's an astounding 194% increase from its current price of $85,000. So what makes Hoskinson so confident that Bitcoin is poised for a major rally in the second half of 2025? Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Bitcoin adoption The primary reason for optimism, says Hoskinson, is the growing rate of Bitcoin adoption. As he points out, there are now 659 million crypto users worldwide. That's up 13% on a year-over-year basis. Crypto is a truly global phenomenon, so even if Bitcoin adoption in the United States stalls out due to the slowing of economic growth, there is still demand for it worldwide. Individual investors are embracing Bitcoin, and so are corporations. Strategy (NASDAQ: MSTR), the company formerly known as MicroStrategy, is leading the way. As of March 31, it held 528,185 Bitcoins worth nearly $45 billion at today's prices, making it the largest corporate holder of Bitcoin in the world. A growing number of companies are starting to follow in its footsteps, with the goal of boosting their stock market valuations by adding Bitcoin to the balance sheet. And not to be outdone, sovereign governments are also getting into the mix. President Donald Trump, who made Bitcoin part of his platform during the 2024 election, has been looking for new ways that the federal government can integrate crypto into the financial system. The highest-profile move, of course, was the establishment of a Strategic Bitcoin Reserve in March. New crypto legislation Another key catalyst, says Hoskinson, is new crypto legislation in 2025 that will finally lay out the rules of the road for the crypto industry. The first major piece of legislation will be one related to stablecoins, which have grown into a $200 billion industry. The second major piece of legislation is the Digital Asset Market Structure and Investor Protection Act. These two new pieces of legislation are important because the U.S. currently does not have any comprehensive framework for crypto, and has been forced to rely on a policy of "regulation by enforcement" by the Securities and Exchange Commission. That's in sharp contrast to the rest of the world. The European Union, for example, recently put into place a comprehensive crypto framework called MiCA at the end of 2024. Will the "Magnificent Seven" adopt Bitcoin? This new legislation is vital for another important reason: It will theoretically make crypto safe enough for America's biggest corporations. In fact, Hoskinson thinks several of the " Magnificent Seven" tech companies could start to get involved with crypto as soon as the new legislation goes into effect. As Hoskinson sees it, the biggest opportunities for the Magnificent Seven could be in stablecoins, which are pegged 1-to-1 to the U.S. dollar. These "digital dollars" could be the key to paying workers in different countries, while enabling faster and more efficient cross-border transactions. That might sound far-fetched for anyone new to crypto. However, as long as the price of Bitcoin goes up, momentum will build for major tech companies to embrace crypto. For example, in December, Microsoft (NASDAQ: MSFT) shareholders voted on a shareholder proposal calling on the company to add Bitcoin to its balance sheet. While Microsoft ultimately voted "no" on the proposal, it now looks like similar shareholder proposals could be on the way for other tech companies. Impact of tariffs on Bitcoin Hoskinson also has some interesting thoughts on the current tariff uncertainty, and the threat of a looming trade war. He's not nearly as bearish as many analysts are, even going so far as to say that "the tariff stuff will be a dud." As he sees it, many of the worst fears of a full-blown trade war are overdone. Based on his view of the current economic situation, the crypto market will stall out over the next few months, as it awaits action from the Fed and more clarity around tariffs. As soon as the Fed lowers interest rates, it could lead to "cheap, fast money" pouring into crypto, thereby pushing up the price of Bitcoin. He's fully expecting a speculative crypto rally by September, which could lead to Bitcoin hitting that $250,000 price target by the end of 2025. Can Bitcoin really hit $250,000? There's obviously a lot to unpack here. There is the storyline that was popular before January 2025, based on the pro-crypto optimism surrounding the Trump White House. There is also the storyline that's always been popular with crypto enthusiasts, based on a vision of the world where everyone owns crypto, and everything runs on blockchain rails. And, layered in on top of that, you have tariff uncertainty and the potential for a global trade war. It's up to you to decide just how much of an impact each of these key storylines will have on the price of Bitcoin in 2025. Getting from a current price of $85,000 to $250,000 -- an epic 194% increase in price in less than eight months -- is a big ask. But if there's any digital asset in the world that's capable of it, it's Bitcoin. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $524,747!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $622,041!* Now, it's worth noting Stock Advisor 's total average return is792% — a market-crushing outperformance compared to153%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of April 14, 2025 Dominic Basulto has positions in Bitcoin, Cardano, and Ethereum. The Motley Fool has positions in and recommends Bitcoin, Cardano, Ethereum, and Microsoft. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
