The founder of Cardano (ADA), Charles Hoskinson, recalls a story from years ago with the troubled Swiss bank, saying, “Credit Suisse had denied us an account because crypto is too dangerous.”
Cardano (ADA): Hoskinson recalls Credit Suisse’s anti-crypto stance
Recently, a podcast broadcast by Cardano (ADA) founder Charles Hoskinson was shared, in which he claimed that in 2014 the struggling Swiss bank, Credit Suisse, refused him to open an account. At the time, Hoskinson was CEO of Ethereum (ETH) and was based in Switzerland.
Sometimes you need a reminder of why you're even doing what you're doing.
I joined Cardano because I believe in its power to level the playing field for everyone. One system for everyone.… pic.twitter.com/IsGPbIQeEu
— Patrick Tobler (@Padierfind) March 20, 2023
Specifically, the Swiss bank had responded to Hoskinson nine years earlier as follows:
“Oh, too dangerous, crypto, we couldn’t possibly consider, it would be so unstable, and so terrible, and we have a reputation to protect, we’re here for the long term, we’ve been here for over 150 years, and we couldn’t embrace this crypto thing.”
Now, however, Credit Suisse is about to be bought by UBS so that it can save itself from collapse.
Basically, Hoskinson just wants to bring to mind that the bank’s disapproval of crypto has backfired on it. In this regard, Hoskinson then continued as follows:
“the banking system (…) is falling apart (…) predictably because it’s always been a Ponzi scheme” based on taking “other people’s money” and using it “to multiply and create money out of thin air, give it to people all around the world and then you make windfall profits from it until people get a little shaky, in which case you socialize your losses and give those losses to society, and this is what’s happened for years in the banking industry.”
Cardano (ADA): founder mocks fate of the anti-crypto bank
The founder of Cardano (ADA) continues by mocking the fate of Credit Suisse, also recalling statements by the Swiss bank’s former CEO himself, Tidjane Thiam.
In 2017, Thiam had stated that Bitcoin (BTC) was a bubble by definition and that the only reason to buy and sell BTC is to make money.
Yet by the dawn of February 2023, Credit Suisse had begun investing in the crypto world, participating in a $65 million fundraising run for the company Taurus. Not only that, in the Swiss bank’s last quarterly report, it had emerged that 30% of the bank’s total revenues came from the crypto sector itself.
All this did not help the bank to recover, but rather, precisely during the past week, Credit Suisse saw its shares plummet to 1.83 Swiss francs.
Among the proposals for its takeover, won by UBS, was one from Justin Sun, founder of Tron, who would have put up $1.5 billion.
Hence, the Swiss bank yields to the proposed purchase of its eternal rival UBS in a $3 billion deal.
ADA registers a price pump
While the fate of the Swiss bank is sealed, Cardano (ADA) is following the general bullish trend in cryptocurrencies over the past week, registering price pumps.
And indeed, the current 7th crypto by market capitalization, ADA, has recorded a +15% pump in the last 24 hours and +10% in the last 7 days. From $0.33 last week, ADA now travels close to the $0.39 price point.
The crypto is still far from its all-time high of $3 touched in September 2021, but it is certainly pumping compared to the price touched in November 2022, the time of the FTX crypto-exchange collapse.
Recently, Hoskinson had tweeted that cryptocurrencies in general need to move away from traditional financial institutions. Only by reducing the crypto sector’s dependence on traditional banks can it stay out of the various collapses that have been occurring in global finance in the recent period.