Charles Hoskinson, the founder of Cardano (ADA), has warned of the potential for another financial crisis similar to the 2008 crisis as US banks continue to collapse this year. In an interview with Fox Business, Hoskinson explained that the traditional banking model is becoming outdated, while cryptocurrencies have demonstrated resilience in the face of challenging macroeconomic conditions. He highlighted that the combined assets of banks that have failed so far in 2023 amount to $540 billion, compared to $373 billion during the 2008 crisis. Hoskinson argued that the banking business model is crumbling and expressed concerns that the "too big to fail" mentality could lead to even larger financial institutions. He also criticized the US for lagging behind other regions in implementing reasonable cryptocurrency regulations, warning that the US risks losing crypto companies to other countries with more favorable regulatory environments.

(By Siamak Masnavi)