Cardano (ADA) creator Charles Hoskinson has revealed in an ask me anything (AMA) session that he is now a cryptocurrency billionaire, even after the cryptocurrency market crash that saw the prices of some cryptoassets drop by as much as 40% and commented on the drop.
In the AMA session, first reported by Daily Hodl, Hoskinson discussed a variety of topics, including his financial status and the crypto space’s development. Hoskinson, it’s worth noting, is an early cryptocurrency adopter who helped co-found Ethereum, the second-largest cryptocurrency by market capitalization, and founded IOHK (Input Output Hong Kong), the company behind Cardano.
During the session, he was asked what it’s like to be a billionaire, and he revealed that he first achieved that status during the 2017 bull run, when bitcoin hit a then all-time high near $20,000. Per his words, it took him three years from starting his first cryptocurrency company to become a millionaire, and he then became a billionaire that year.
Hoskinson has also received Cardano’s ADA for his work on the project, and he no longer holds ETH. After the crash in 2017, he said he was “doing okay,” but recovered this year. Volatility in the cryptocurrency space is to be expected, he added, as the magnitude of the innovation in the space creates stronger boom and bust cycles.
- Welcome to crypto. That’s how crypto works. It goes way up, it goes way down. You guys can’t get 900% gains without expecting some pullbacks.
He added that the point of the cryptocurrency space is “we’re reconstructing society, and we all know that by doing that, there are trillions if not tens of trillions of dollars of collective value in the activity.” Markets, he said, aren’t too good at price innovation and picking winners and losers in such a nascent space.
This often leads to “over-enthusiasm and over-justification for all kinds of things.” The enthusiasm ultimately leads to pullbacks where people “get overly pessimistic.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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