Hoskinson blames Wall Street for the crypto market fall.
From early November 2021 highs, the total crypto market cap is down $1.487 trillion, or 51%. Retail investors choose to stay because they don’t want to be part of a flawed system.
However, they are suffering as a result of their conviction in the topic.
On Wednesday, Cardano founder Charles Hoskinson shared his thoughts on the crypto market collapse in a video.
“The new people, the minute that something occurs, like for example, the collapse of a stablecoin or the collapse of Bitconnect or these types of things, then they say, this is the end of crypto…”
“Most [institutions] are looking at it [crypto] as a high risk, high return asset, and in times of recession, reallocate your portfolio. This was always the danger of inviting the Wall Street types in… And when the markets go not in the direction they want, they dump it.”
“Which is why we invested the time to write the papers we wrote, it’s why we invested the time to apply formal methods to those papers, it’s why we invested the time to measure twice cut once. Whereas others did not, chasing gains for their VC masters.”