Cardano founder Charles Hoskinson decided to share an anecdote encompassing his experience with the now struggling Credit Suisse bank.
Hoskinson told this story on his podcast broadcast on March 20. According to him, in 2014, while on Ethereum (ETH) and residing in Switzerland, Credit Suisse, which made headlines last year, refused to open an account. The company claimed that cryptocurrencies were too dangerous and unstable to work with.
In particular, the inventor of Cardano brought out the irony of all the problems that Credit Suisse and the banking industry as a whole were going through at the moment, in the context of his critical stance towards cryptocurrencies and Hoskinson himself nine years ago. before:
According to Hoskinson, the banking system is inevitably starting to fall apart because it has always been a Ponzi scheme. The Cardano founder claims that this scheme is based on taking “other people’s money” and using it to grow and create money, giving it to people all over the world, and then making a windfall until people start to feel shaky. , in which case users socialize their losses and deliver these same losses to society, which is precisely what has been happening for years in the banking industry.
It’s also worth mentioning that former Credit Suisse CEO Tidjane Thiam declared bitcoin (BTC) “the very definition of a bubble” in November 2017, adding to the irony of the bank’s current state and its historical attitude towards cryptocurrencies. Thiam argued that “the only reason to buy or sell Bitcoin is to make money,” regardless of the asset.
Meanwhile, Credit Suisse shares have continued to fall as the merger with UBS failed to assuage investor fears. The most recent data from Google Finance for March 21 shows that shares have fallen almost 65% in the previous five days and almost 70% on its monthly chart.