Charles Hoskinson, the CEO of Input Output Global (IOG) and the creator of the popular smart contract platform, Cardano, has responded rightly to politicians blaming the historic US banking woes on the crypto industry.
Following the recent collapse of the crypto-friendly Silicon Valley Bank (SVB) and Silvergate, some politicians have resorted to blaming crypto while some have called for an outright crypto ban.
Per a tweet, Johan Van Overtveldt, a member of the European Parliament and former Belgian finance minister, said cryptocurrencies should be prohibited, comparing the financial evolution to drugs.
“Another lesson to be learned from the current banking commotion. Enforce a strict ban on cryptocurrencies. Speculative poison and no economic or social added value. If a government bans drugs, it should also ban cryptos.”
In response, Hoskinson sounded that the prevailing banking crisis is fueled by the central banks and politicians. He urged crypto investors to ignore the FUD and vote wisely when the time comes.
“The central banks and politicians created this banking crisis, and now they are blaming crypto. Don’t fall for it, and keep a list to remember at the ballot box when election time comes,” he tweeted, telling his followers to “be a single issue crypto voter.”
PlanB, a pseudonymous crypto strategist, supported Hoskinson stressing that crypto is math and math cannot be banned. The Twitter handle responded to Johan Van Overtveldt’s comments by saying:
“Ban math.. why and how? I think the lesson we can learn from the current banking commotion (and the previous one in 2008) is that the (central) banks don’t really know what they’re doing with QE (quantitative easing), and have absolutely no idea what Bitcoin is.”
However, the crypto market continues to print many green candles amid the United States banking crises that have spread to the European market.
Notably, a top European-based company Credit Suisse was compelled to borrow a whopping $53 billion from the Swiss National Bank lately after its shares recently hit a record low.
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