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After the new <a href="https://www.whitehouse.gov/wp-content/uploads/2023/03/ERP-2023.pdf" rel="noopener noreferrer nofollow">Economic Report</a> from the White House caused quite a stir in the <a href="https://finbold.com/category/cryptocurrency-news/utm_source=CMC&amp;utm_medium=social&amp;utm_campaign=CMC&amp;utm_content=long" rel="noopener noreferrer nofollow">cryptocurrency industry</a> over criticizing digital assets as too speculative and risky, as well as offering no fundamental value, Cardano (<a href="https://finbold.com/cryptocurrency/cardano/" rel="noopener noreferrer nofollow">ADA</a>) founder Charles Hoskinson has used some scathing words to rebuke it.
Indeed, Hoskinson commented on the annual Economic Report of the President, also known as a ‘hatchet job’ in the crypto community, stating that its authors were blaming <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrencies</a> for the current <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">banking</a> crisis that the authorities themselves had created, as he explained in his YouTube video <a href="https://www.youtube.com/watch?v=BC0ACe72dG8" rel="noopener noreferrer nofollow">streamed</a> on March 22.
As he stressed, the report’s authors argued that <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> had delivered none of the promised benefits, such as decentralized custody and control of money, <a href="https://finbold.com/guides/finance/" rel="noopener noreferrer nofollow">financial</a> inclusion, improved payment systems, and mechanisms for the distribution of intellectual property and financial value that bypass intermediaries that extract value from both the provider and the recipient.
<h2 id="header-0">‘Bullshit’ and ‘piece of garbage’</h2>
The <a href="https://finbold.com/guide/how-to-buy-cardano/" rel="noopener noreferrer nofollow">Cardano</a> founder dismissed these conclusions as “bullshit,” pointing out that “they’re trying to blame us for this banking crisis they created – that’s what’s happening in these reports right now. We didn’t create this ‘big money backs tiny loans that lead to debt, despair and even suicide’ – straight from <a href="https://www.bloomberg.com/graphics/2022-microfinance-banks-profit-off-developing-world/" rel="noopener noreferrer nofollow">Bloomberg in 2022</a>.” As he further highlighted:
<blockquote>
 “They give you <a href="https://finbold.com/three-key-takeaways-from-the-silicon-valley-bank-collapse/" rel="noopener noreferrer nofollow">bank failures</a>, (…) money laundering, (…) nepotism and corruption, (…) 100% interest rates, (…) 6% costs to move the [expletive] money around the world for the poorest people in the world – the 3 billion poorest people, then with a straight [expletive] face write this piece of garbage that says everything we do hasn’t accomplished anything.”
</blockquote>
In addition to calling the report “a pathetic joke,” Hoskinson also argued that “reports like these are a silent danger because these are the things, not speeches from Biden or Trump, these are the things that work their way into legislation, into policy, into oversight. These are the things that are taken as canon, and nobody pays attention to them, nobody reads them – 500 pages right there (…), and that’s by design.”
<h2 id="header-1">Anti-crypto stance backfires</h2>
Interestingly, Tidjane Thiam, the former CEO of <a href="https://finbold.com/guide/buy-bitcoin-with-credit-suisse/" rel="noopener noreferrer nofollow">Credit Suisse</a>, the banking giant that recently had to be sold to survive, used to be vocally skeptical about digital assets like Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>), arguing back in November 2017 that it was “<a href="https://finbold.com/ex-credit-suisse-ceos-bitcoin-bubble-forecast-backfires-as-bank-sold-to-survive/" rel="noopener noreferrer nofollow">the very definition of a bubble</a>,” as <a href="https://finbold.com/" rel="noopener noreferrer nofollow">Finbold</a> reported.
On top of that, the Cardano founder <a href="https://finbold.com/cardano-founder-says-credit-suisse-denied-him-an-account-because-crypto-was-too-dangerous/" rel="noopener noreferrer nofollow">shared</a> an anecdote connected to Credit Suisse, which refused to open an account for him in 2014, when he was still 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 crypto assets were too dangerous and unstable to work with.
Meanwhile, five of the largest banks in the U.S. have <a href="https://finbold.com/100-billion-leaves-5-largest-u-s-banks-market-cap-in-2023-as-bitcoin-adds-200-billion/" rel="noopener noreferrer nofollow">lost over $100 billion from their market capitalization</a> in 2023, as opposed to the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset, which has added more than $200 billion to its market cap during the same period, as well as <a href="https://finbold.com/bitcoin-outperforms-97-of-all-sp-500-companies-in-2023/" rel="noopener noreferrer nofollow">outperforming 97% of all S&amp;P 500</a> companies.
Watch the entire video below:<react-video url="https://youtu.be/BC0ACe72dG8"></react-video>

Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source=CMC&amp;utm_medium=social&amp;utm_campaign=CMC&amp;utm_content=long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Cardano founder blasts ‘piece of garbage’ anti-crypto White House report

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