These past few days have not been gentle to Cardano. The digital asset has struggled to maintain its market position in the face of stiff competition from Solana.
As a result, ADA’s stock has dropped in value, prompting the market to speculate on where the asset’s value might be heading.
Charles Hoskinson, the company’s founder, responded to the rumors on YouTube.
Hoskinson gives an update
Hoskinson, who recently returned from a trip to Africa, used his YouTube account to update the community on his journey and what the blockchain’s future holds.
As is customary, the founder would accept questions from the audience while live on YouTube, and during the most recent episode, a person inquired about Solana flipping Cardano, which brought up the topic of price speculation.
Every single person will be a millionaire
The query about the worth of ADA seemed to have piqued the founder’s interest, who questioned the identity of the person who asked the question.
According to Hoskinson, something was wrong with the market’s perception of value, and this did not bode well for the future.
He said that products like NFTs were being sold at absurdly high prices, and that the market was on the verge of hyperinflation.
The founder claimed that gaining wealth will bring no actual meaning or purpose to one’s life, but that everyone will eventually become a millionaire.
Not because the value of digital assets has increased, but because of hyperinflation, which threatens to destabilize the market, he said.
“As we go closer to hyperinflation, it used to be millions, then billions, and now trillions,” Hoskinson explained. “Each of you will be a millionaire in no time.”
However, Hoskinson did not stop there. He noted that value is subjective, and questioned why so many people are concerned about the price of ADA. It’s all about the technology for a blockchain like Cardano.
Image courtesy of Cointelegraph News/YouTube