Hoskinson acknowledged that Bitcoin could use solar and wind power but advises Tesla to focus on a greener cryptocurrency. He said that he would like to work with Dogecoin after giving Elon Musk advice to improve the cryptocurrency.
In recent days, IOHK CEO and Cardano (ADA) founder Charles Hoskinson spoke about Tesla’s CEO Elon Musk. He highlighted the main reasons why the billionaire businessman should invest in Cardano rather than in Bitcoin. Furthermore, he predicted that the cryptocurrency meme Dogecoin (DOGE) could disappear.
He argued that he places Cardano above Bitcoin for its sustainability and carbon neutrality. He believes that it is an option for those “who are concerned about alternative energy, sustainability, carbon reduction, and carbon neutrality. It cannot be in a system where there is no built-in mechanism to restrict energy consumption.”
However, Hoskinson acknowledged that Bitcoin could use energy that would otherwise go to waste. He added that the proliferation of Bitcoin will increase the use of solar and wind energy. However, he said that Tesla should focus on a greener cryptocurrency.
Hoskinson Says that “Bitcoin Has Programming Limitations”
The Cardano founder highlighted that Bitcoin has “programming limitations” that prevent it from doing “interesting, unique and attractive things.” He explained that Bitcoin will not be suitable to have an Internet of Things (IoT) layer if Tesla wants its vehicles to communicate with each other.
According to Hoskinson, it is necessary to have “a fundamentally different infrastructure to create such a token and regulate such a system. It is necessary to have DEX and stablecoins, and all kinds of mechanics for something like this to be possible. If they can solve this, it will be really beneficial for Tesla.”
He said that the pioneering cryptocurrency “has extremely low programmability as it is not aware of any other system. There is no native way to issue an asset and it cannot do anything interesting or unique.” Regarding the relevance of Bitcoin, he said that it is only about all the money that traders have invested.
DOGE Needs a Full Review to Stay
Hoskinson reiterated that the code for the cryptocurrency meme Dogecoin needs a complete review to remain relevant in the long term. Since DOGE is a third-generation cryptocurrency, he believes that it needs a review like other assets such as Solana.
Hoskinson’s sentiments are in line with the advice that he gave Musk in May to improve Dogecoin. The Ethereum co-founder stated that DOGE needs a system similar to that of Bitcoin.
At the time, Musk asked the cryptocurrency community for ideas on how to improve Dogecoin. The Tesla founder also said that he was working with the developers of the cryptocurrency meme to improve the network.
After the price of the cryptocurrency rose, the community began to show concern about its sustainability. The reason for this was that DOGE lacks a real-world use case. According to Hoskinson, Dogecoin’s lack of usefulness stands out as a significant difference between it and Bitcoin.
Dogecoin May Disappear, According to Hoskinson
As Dogecoin’s wealth is concentrated in few wallets, Hoskinson predicted that it will disappear if this group decides to sell. However, he believes that the impact will be significant for most of the retail investors of the asset.
Furthermore, Hoskinson expressed his wish to work with Dogecoin along with the Cardano team in the future. That way, the mathematician and former Ethereum CEO would have the opportunity to put into practice the advice that he gave to Elon Musk.
By Alexander Salazar
