Cardano Founder Wants Elon Musk’s Tesla to Start Accepting ADA Crypto

UTC by Bhushan Akolkar · 2 min read
Cardano Founder Wants Elon Musk’s Tesla to Start Accepting ADA Crypto
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Charles Hoskinson said that if Tesla really cares about sustainability, it should consider ADA over BTC.

Last month Elon Musk‘s Tesla decided to suspend Bitcoin payment citing environmental concerns related to BTC mining. Since then there have been multiple discussions in the crypto mining industry which is now considering a move to renewable mining solutions. Seeing an opportunity here, Cardano founder Charles Hoskinson said that the native crypto ADA is one of the most greenest and eco-friendly crypto assets. He further added that Tesla should choose ADA over BTC if it really cares about environmental sustainability.

”If they truly care about alternative energy, sustainability, carbon reduction, and carbon neutrality, you can’t be in a system where there is no built-in mechanism to constrain the energy consumption,” he added about the benefits of ADA for Tesla.

Hoskinson’s comment came during his recent interview with Lex Fridman. The Cardano founder also explained the benefits of a Proof-of-Stake (PoS) blockchain platform. When it comes to energy usage, the PoS system is much better than its rivals, said Hoskinson.

Taking a shot at Bitcoin (BTC), Hoskinson said apart from just ecological damage, Bitcoin lacks other qualities. ”Bitcoin is the least programable of all the cryptocurrencies and if you want to do interesting, sexy, and unique things there is just no real way to do that.”

Cardano Founder Criticizes Ethereum

While taking shots at BTC, Hoskinson also took a shot at Ethereum. Last month in May, Hoskinson called the Ethereum network “overrated”. He gave three reasons as to why he thinks so that Cardano is a better project than Ethereum.

  1. Cardano functions with metadata as well as automated regulation. Besides, he adds that the Ethereum network can only process smart contracts whereas Cardano can do compliance and governance as well.
  2. Unlike Ethereum, Cardano works with underbanked markets like Tanzania, Ethiopia, and Georgia.
  3. Hoskinson also thinks that Ethereum has a confusing structure. He also predicts that the upcoming release of Ethereum 2.0 will lead to its demise.

”First of all Ethereum is killing itself. They are replacing Ethereum with Ethereum 2.0. In the end, ETH 2.0 will kill ETH 1.0,” he noted.

Cardano’s ADA has been one of the top-performing cryptocurrencies in the market recently. Cardano’s ADA entered the top ten crypto spot during the recent rally and is now the world’s fifth-largest crypto asset.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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