Bitcoin[BTC] ethereum and cryptocurrencies have been catapulted back into the limelight this year by the U.S. regional banking crisis [that could be just getting started.
Now, another ethereum cofounder, Charles Hoskinson, who went on to create ethereum rival cardano, has warned the banking crisis is going to be worse than the 2008 global financial crisis that led to the creation of bitcoin.
“In 2008, we had $373 billion in tied-up assets,” Hoskinson, who created ethereum along with Buterin, Joe Lubin and five others in 2014, [told]
Fox Business, referring to to the combined $373 billion in assets that failed banks held in 2008.
Cardano[ADA], which Hoskinson created in 2016, has become the world’s seventh-largest cryptocurrency with a market capitalization of $13 billion, compared to bitcoin’s $566 billion and ethereum’s $232 billion.
“I think we’re over $540 billion now just in the 2023 crisis. We’re just getting started. That whole business model is falling apart when you give it a little bit of a push and then you lose these institutions like Silicon Valley Bank and they get so politicized and they get so globalized.”