Cardano’s founder, Charles Hoskinson, has publicly criticized the Swiss bank Credit Suisse for its current financial crisis and recalled his own experience with the bank’s refusal to open an account due to the volatility of cryptocurrencies.
Hoskinson, who was a leader of Ethereum in 2014, explained that Credit Suisse officials told him that dealing with cryptocurrencies was too risky and unstable, and that it could ruin the bank’s reputation.
“Cryptocurrencies are too dangerous, and dealing with them can ruin the reputation of the bank. We have been in the market for over 150 years, so we will not put ourselves at risk,” he quoted.
Ironically, Credit Suisse’s CEO Tidjane Thiam called bitcoin a speculation and a bubble that would soon collapse a few years ago. Hoskinson gloats that rival bank UBS has agreed to buy Credit Suisse if the Swiss government backs it.
The head of Cardano strongly believes that the problems faced by many banks have nothing to do with cryptocurrencies or blockchain, and that the cryptocurrency market continues to stay afloat and grow, while many banks fail.