Charles Hoskinson of Cardano has been very successful lately due to his views on a number of topics. Just last week, in the wake of his appearance on Lex Fridman's podcast, Hoskinson suffered a backlash after claiming that Bitcoin is his worst enemy thanks to how slow he is when it comes to self-evolution.
ADA may continue to rise
The IOHK executive was there again yesterday after hosting his latest AMA. An AMA that touched on a number of issues including Cardano working with El Salvador, the likelihood of a bear market, Tether, China's "ban" and peer reviews, among other things.
According to Hoskinson, while it is still too early to speculate, Cardano has had talks with officials and parties in El Salvador, with a meeting likely also with Nayib Bukele.
If these speeches and discussions were to lead to something more concrete and quantifiable, it would be a big problem for Cardano and its ecosystem. That would be so, especially as it would come thanks to Cardano's collaboration with the Ethiopian government to implement a blockchain-based student and teacher identification system for grade verification, among other purposes. The project in question will use ATALA Prism, an identity solution built on Cardano.
Here, it's worth pointing out that within days of the aforementioned announcement, the ADA climbed more than 80% in the rankings to reach an ATH.
Can something similar be expected if something emerges from the discussions on El Salvador? This is unlikely, especially as the ADA and most of the market have been at the end of a strong downtrend in recent times. Indeed, the same question was received by Hoskinson in the aforementioned AMA.
Will El Salvador also embrace Cardano?
Understandably, assessing which direction Dogecoin's price action might go may not be the best determinant of a bear market. What then? Well, while DOGE lost 70% of its value over the same period as above, Bitcoin, with a market dominance at press time of 46,7%, fell by 45%.
Indeed, the same question was addressed by a recent article, one which noted that while a sustained price drop is not out of the question for BTC and, by extension, the rest of the market, the market has not yet folded.
With opposition to El Salvador's Bitcoin announcement growing, there are also rumors that the president is having cold feet. If so, there may not be much to expect for Cardano.
Speaking of market forces, it has long been claimed by many that Tether's dominance, the pure liquidity associated with stablecoin, has a far-reaching impact on the rest of the market. Indeed, a report from JP Morgan a few months ago went so far as to argue that a loss of confidence in the USDT would be very risky for Bitcoin.
According to Hoskinson, Tether [USDT] is a "faith-based entity", antithetical to Bitcoin and Cardano and whatever cryptocurrency it should be.
It is worth noting, however, that the CEO of IOHK was quick to make it clear that he did not expect the U.S. federal government to go ahead with a full-fledged exercise in Tether executive arrest, bank account freezing and others. as this would entail the risk of a wider market failure.
