Cardano founder blames US political leadership for the collapse of the cryptocurrency market

Charles Hoskinson, the founder of Cardano, announced «another tough red day in the markets,» which he blames on the recent speech by Fed Chairman Jerome Powell.

As a reminder, the markets fell on Saturday night after Fed Chairman Jerome Powell promised that the central bank is «vigorously using its tools» to fight inflation, which is still hovering around the highest level in more than 40 years. Not only did cryptocurrencies plummet, but the stock market as well — the world’s richest people lost billions of dollars overnight.

Hoskinson stated: «We are seeing what @RonPaul said years ago. The Fed has two options: kill the economy with high interest rates or destroy the currency with inflation.»

The Cardano founder added: «Cryptocurrencies are the way out of this madness. Central banks cannot be trusted with monetary policy. They work for the political process and have given two generations of politicians carte blanche, which we now have to cover [зі своїх кишень].»

Probably, the anger of the ADA developer was caused by the drop in the price of his brainchild — at the moment, the token was selling 8% below its Friday value.