Cardano

Amid a wide-reaching <a href="https://finbold.com/guides/finance/" rel="noopener noreferrer nofollow">financial</a> crisis that has affected several <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">banking</a> giants, including <a href="https://finbold.com/credit-suisse-shares-tank-over-50-as-historic-ubs-merger-fails-to-quell-fears/" rel="noopener noreferrer nofollow">Credit Suisse</a> (SWX: CSGN), which had to be sold to survive, the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> seems to be holding just fine, and Cardano (<a href="https://finbold.com/cryptocurrency/cardano" rel="noopener noreferrer nofollow">ADA</a>) founder Charles Hoskinson shared an anecdote involving his experience with the now-struggling bank.As it happens, Credit Suisse refused to open an account for Hoskinson back in 2014, when he was the CEO of Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) and based in Switzerland, with the explanation that <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrencies</a> were too dangerous and unstable to work with, as he retold the story in his <a href="https://www.youtube.com/watch?v&#61;VdCNCe1bWfs" rel="noopener noreferrer nofollow">podcast</a> streamed on March 20.<h2 id="header-0">Anti-crypto attitude backfires</h2>Specifically, the <a href="https://finbold.com/guide/how-to-buy-cardano/" rel="noopener noreferrer nofollow">Cardano</a> founder pointed out the irony of all the troubles that Credit Suisse, and the <a href="https://finbold.com/category/banking-news/" rel="noopener noreferrer nofollow">banking sector</a> as a whole, was going through currently, in the context of its disapproving attitude toward <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> and Hoskinson himself nine years before:<blockquote>“The Credit Suisse people said, ‘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,’ and lo and behold, who’s buying Credit Suisse – UBS – only if the Swiss government bails them out.”</blockquote>According to him, “the banking system (…) is falling apart (…) predictably because it’s always been a <a href="https://finbold.com/guide/bernie-madoff-ponzi-scheme/" rel="noopener noreferrer nofollow">Ponzi scheme</a>” 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.”Adding to the irony of the bank’s current state and its historical attitude toward crypto, it is also worth mentioning that the former Credit Suisse CEO Tidjane Thiam <a href="https://finbold.com/ex-credit-suisse-ceos-bitcoin-bubble-forecast-backfires-as-bank-sold-to-survive/" rel="noopener noreferrer nofollow">declared</a> Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) “the very definition of a bubble” back in November 2017, arguing that “the only reason (…) to buy or sell <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> is to make money.”Meanwhile, the Credit Suisse <a href="https://finbold.com/stocks/" rel="noopener noreferrer nofollow">stock</a> has continued to <a href="https://finbold.com/credit-suisse-shares-tank-over-50-as-historic-ubs-merger-fails-to-quell-fears/" rel="noopener noreferrer nofollow">tank</a> as the UBS merger failed to quell <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investor</a> fears, declining nearly 65% in the previous five days and almost 70% on its monthly chart, as per the latest Google Finance <a href="https://www.google.com/finance/quote/CSGN:SWX?sa&#61;X&amp;ved&#61;2ahUKEwjd99H35ez9AhXQOewKHX6VAKAQ3ecFegQIHRAg" rel="noopener noreferrer nofollow">data</a> obtained by <a href="https://finbold.com/" rel="noopener noreferrer nofollow">Finbold</a> on March 21.Watch the entire video below:<react-video url="https://youtu.be/VdCNCe1bWfs"></react-video>Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">Finbold.com</a>.

Cardano founder says Credit Suisse denied him an account because crypto was ‘too dangerous’

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