Cardano founder Charles Hoskinson is known for many straightforward replies. This time too he maintained his composure while answering a user’s concern who took to Twitter saying he found his $5k worth of ADA bought in July ‘22 to be now worth only $1.5k.
In response, Hoskinson tweeted that $5,000 worth of ADA purchased in January 2021 would be now valued at $6,750, an $1,750 increase.
Appearing mildly annoyed, the founder then said, “What’s your point? Markets go up and down and I somehow have control of it? I don’t think you understand how crypto works and why it exists.”
At the time of writing this post, Cardano’s native token ADA was trading at $0.51. The 8th-ranked asset is up by 1.35% in the last 24 hours.
Previously, Hoskinson defended ADA’s price downtrend as the effect of a broader market phenomenon. After entering the bearish market conditions from the beginning of 2022, ADA has a lackluster performance this year after posting massive gains in 2021.
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It is now down by over 80% compared to the all-time high it attained in early September 2021 before the much-hyped Alonzo upgrade.
In addition to that, recently a well-known Cardano influencer spoke on how the Proof-of-stake blockchain has all the potential of becoming “bigger” than “anything seen in crypto before” if decentralized governance on the cryptocurrency’s network works out.
In a tweet shared with its 110k followers, the pseudonymous supporter who goes by the name of “ADA whale” shared that an argument can be made that Cardano may be more secure and decentralized than other blockchains, but noted that the average user “doesn’t always get this.”
According to ADA whale’s words, if decentralized governance under the Voltaire era of Cardano’s development works out, the network “will be unlike anything seen in crypto before.”
The Voltaire era of Cardano, as per the project’s roadmap, provides the “final pieces required for the Cardano network to become a self-sustaining system.” It will bring along the system of voting and a treasury, which will allow network participants to stake their ADA and exercise voting rights to influence the future development of Cardano.