Cardano News: Cardano’s ADA Surges After Surprise Announcement

Cardano News- Hoskinson Talks About Trump’s Crypto Reserve and Policy Challenges

Cardano News– Charles Hoskinson, the founder of Cardano (ADA), revealed that he was caught by surprise when he learned that US President Donald Trump’s crypto reserve proposal would include Cardano’s native token, ADA. In a video posted on March 5, Hoskinson explained, “We knew nothing about ADA being selected for the reserve. It was news to me.” He further added that on March 2, he woke up to 150 congratulatory messages, only to be left completely bewildered about the situation. “I had no idea what the heck was going on,” he said.

Trump’s crypto reserve announcement on March 2 proposed including Bitcoin (BTC), Ether (ETH), XRP, Solana (SOL), and Cardano (ADA) in the reserve. The announcement, which caught many by surprise, triggered an immediate response in the market. ADA’s price surged dramatically, rising by 76% within a few hours, from $0.647 to as high as $1.14, before experiencing a 30% decline the following day.

Charles Hoskinson, who expressed his surprise at the news, stated, “We never even knew about it, and nobody even talked to us about it.” He also mentioned his attempts to reach out for clarification before he was met with responses like “We’ll call you back” or “We’ll figure it out.” While the sudden surge in ADA’s price following the announcement was substantial, some in the crypto community were less than pleased with the inclusion of tokens like Cardano (ADA), Solana, and XRP, alongside the dominant Bitcoin and Ether.

Criticism Over the Proposal

The inclusion of cryptocurrencies other than Bitcoin in the proposed crypto reserve sparked significant criticism. Some analysts and crypto executives raised concerns over the selection, questioning why assets like Cardano (ADA), Solana, and XRP were included in the reserve, arguing that such decisions could complicate the proposal’s credibility. The discussion about whether the reserve should focus only on Bitcoin, the leading cryptocurrency, remains a hot topic in the industry.

Charles Hoskinson himself did not mince words about the broader discussion, emphasizing that the focus should remain on what matters to the industry. “If you believe for a moment that your cryptocurrency is going to do well because somebody went to a ‘vanity fair,’ you’re a fool,” he added. His comments reflect a growing concern among some within the crypto world about how certain actions or events might unfairly inflate the perceived value of assets.

Hoskinson on White House Crypto Summit

In addition to his comments about the crypto reserve, Charles Hoskinson addressed the upcoming White House crypto roundtable meeting, scheduled for March 7. He shared that neither he nor any Cardano (ADA) representatives had been invited to attend the summit, expressing doubt about the effectiveness of such gatherings. “I’m going to operate under the assumption that I have not been invited to go to this gathering,” Hoskinson stated. He added, “I don’t imagine much policy work will be done.”

Hoskinson’s remarks reflect his broader frustration with the pace of real policy work, which he believes involves more than just high-profile events. “There’s a lot of policy work and agencies to pass through before any decisions can be made or legislation can be passed,” he explained. While summits like the one hosted at the White House may draw attention to crucial issues, he pointed out that true progress requires collaboration from a broad spectrum of stakeholders in the industry.

“Real work requires many people from across the spectrum to work together to get things done,” Charles Hoskinson said, warning against focusing too much on the visibility of such events rather than the substance behind them. “It’s not helpful as an industry, though, to treat all this as some sort of popularity contest,” he added.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.