Charles Hoskinson responded to a statement of Microstrategy CEO, who called every Proof-of-stake Consensus-based cryptocurrency is security.

In the first week of this month, Michael Saylor, CEO of MicroStrategy and also a well-known Bitcoin maximalist, passed comments on all POS cryptocurrencies during an interview with crypto market commentary show “Altcoin Daily”.

Michael said that all the cryptocurrencies based on the Proof-of-stake model are Securities and Bitcoin is only a digital commodity. So here everything is on government agencies, on how they will treat such POS cryptocurrencies, which are risky. 

“My opinion is Bitcoin is a digital commodity. I think that all the proof-of-stake networks are securities and they’re all very risky. The regulators will decide whether or not they allow them to continue or whether or not they don’t allow them to continue…,” Microstrategy CEO said

Charles Hoskinson, the founder of Pos blockchain Cardano, responded to such comments of Microstrategy CEO and said that he Microstrategy CEO is a toxic person.

Charles noted that Bitcoin is only a speculative asset and nobody called it security but Cardano, which is based on Proof-of-stake (POS) model, is useful in many ways. 

According to Charles, people can’t only hold ADA coin as an investment asset but also they can use ADA coin to use the services built on the Cardano blockchain. 

Binance CEO response

The chief executive officer of Binance exchange, Changpeng Zhao, also responded to the statement of Cardano’s founder and explained that the crypto industry is in its initial phase and problems for a single crypto company may result in problems for others. 

Zhao indirectly tried to stop Cardano founder from responding against such negative comments on the crypto industry but Cardano founder stated that Binance CEO is giving statements out of context.

Read also: XRP token fans are now happy because the former Ripple CTO holds only 47.7 XRP


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