Charles Hoskinson lost $ 3 billion amid the fall of the crypto market

Чарльз Хоскінсон" href="https://noworries.news/biography/charlz-hoskinson/" data-bio-id="10 311">Charles Hoskinson, the founder of Cardano, said that the value of his personal crypto assets has decreased by more than $ 3 billion, but he does not plan to withdraw from the market despite the prolonged decline. The entrepreneur emphasized that he does not see the current situation as a reason to change his strategy or curtail his participation in the industry.

During a live broadcast from Tokyo, Hoskinson explained that this refers to so-called paper losses, i.e. a decrease in the estimated value of a portfolio without actually recording losses. According to him, he has the technical ability to liquidate the assets, but he deliberately decided not to do so.

The businessman emphasized that the scale of the losses does not affect his vision of the future of the crypto industry and does not change his plans for further work on the Cardano ecosystem. He also appealed to digital asset owners and market participants to remain engaged and not to leave the industry under the pressure of negative market dynamics.

The statements came amid a deep correction in the crypto market. Over the day, the sector’s total capitalization decreased by almost 9%, while the cardano token (ADA) lost more than 10% of its value and dropped to around $ 0.26. This is more than 90% below the all-time high recorded in 2021, according to TradingView.

Hoskinson acknowledged that the situation could continue to deteriorate, calling the current period a challenging time for the entire industry. He noted that high volatility and prolonged drawdowns are an integral part of market cycles. Earlier, the businessman estimated his paper losses at about $ 2.5 billion and attributed them to regulatory uncertainty and a decline in retail investor activity. Nevertheless, he remains cautiously optimistic about Cardano’s development, focusing on scaling the second tier of Hydra, updating the Leios consensus algorithm, and developing the Midnight sidechain for data protection.