ADA Founder Expresses Concerns About US Bitcoin Reserve Proposal
CryptoNewsTerminal Staff09 Aug, 2024
ADA Founder Expresses Concerns About US Bitcoin Reserve Proposal
Cardano (ADA) co-founder Charles Hoskinson has raised concerns about a plan to establish a U.S. bitcoin reserve. Proposed by Robert F. Kennedy Jr., the plan calls for the U.S. government to purchase 19% of the total bitcoin supply (approximately 4 million coins). According to Hoskinson, such a large-scale acquisition would significantly impact the price of bitcoin. However, he also expressed concerns that it could lead to undesirable outcomes, such as centralization and the formation of a cartel. Hoskinson believes that the U.S. government should not have such a large stake in Bitcoin. He argues that this could give the government control over the cryptocurrency and potentially stifle its growth. Instead, Hoskinson advocates for a more decentralized approach to bitcoin adoption and use.
