Bitcoin will not be the world's reserve currency, according to Charles Hoskinson

According to Input Output CEO Charles Hoskinson, it's "not impossible" for Cardano to become the world's reserve currency.

Charles Hoskinson Doubts Bitcoin Will Be World's Reserve Currency
Charles Hoskinson | Image: Harvard University

Input Output CEO Charles Hoskinson has questioned Bitcoin's ability to become the world's reserve currency in an interview.

While the crypto monarch enjoys the advantage of being the first to market, Cardano's founder believes that the cryptocurrency's rising energy usage will contribute to increased centralization.

He believes that adopting an energy-intensive procedure when there are more efficient alternatives is pointless.

Hoskinson rejects the notion that scarcity is caused by a high cost of production, saying that scarcity is caused exclusively by the underlying asset's monetary policy and utility:

If you make paintings and one of them has to be painted by hand while the other can be done by machine and they both look the same and the demand is the same, you are just putting in a thousand times more effort to execute one vs the other.

Smart contracts, metadata standards, and systems with high throughput that may reach millions of transactions per second would all be required in a digital standard.

While Bitcoin cannot now provide any of these services, Hoskinson believes the original cryptocurrency will "definitely change."

The bitcoin billionaire also stated that a product like was "not impossible."