Tuesday, October 12

Charles Hoskinson Says Elon Musk Should Prefer Cardano (ADA) Over Bitcoin (BTC)

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hoskinson

IOHK CEO Charles Hoskinson stated in his Lex Fridman podcast that Elon Musk’s Tesla company should prefer Cardano (ADA) instead of Bitcoin (BTC).

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According to Hoskinson, if the company really cares about sustainability and carbon neutrality, it should abandon Bitcoin and choose Cardano.

“If they really care about alternative energy, sustainability, carbon reduction and carbon neutrality, you can’t be in a system without a built-in mechanism to limit energy consumption.”

Hoskinson, however, reluctantly accepts the argument that Bitcoin can use wasted energies. But he says Tesla needs to make a legitimate defense that the spread of Bitcoin will also multiply solar and wind power. Otherwise, he says, the company should focus on the “greenest” crypto. Hoskinson previously stated that Cardano is 1.6 million times more efficient than Bitcoin.

“Least Programmable Currency”

Alongside climate change concerns, Hoskinson also notes that Bitcoin is the “least programmable cryptocurrency” that prevents it from doing “interesting, unique and sexy things.”

For example, if Tesla wants vehicles to communicate with each other, Bitcoin will not be suitable for having the Internet of Things (IoT) layer, according to the Cardano creator:

“You need a fundamentally different infrastructure to create such a token and regulate such a system… You need DEXs and stablecoins and all kinds of mechanics to make this possible. If they can figure this out, it will be really beneficial for Tesla.”

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