Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic

Cardano (ADA), has experienced declining prices ever since its September high of $3. It has fallen steadily since then and was below $2 by October’s close. Despite important announcements from the project, it hasn’t seen much recovery. This led to panic among token holders.

Charles Hoskinson, the founder of YouTube, took this opportunity to once more address people who are concerned too much about technology and not price. It is not the first time the mathematician has been forced to deal with price issues from his community.

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Hoskison also took to YouTube to discuss price speculations. He stated that Cardano was not about money. Instead, the purpose of blockchain was to benefit humanity.

Hoskinson calls for calm

The Cardano founder, Cardano asked his community to be calm when discussing the cryptocurrency’s price. Although there have been some sell-offs in relation to cryptocurrency, this is not unusual for all assets. Investors may have to let go of some holdings in order to gain more. The founder asked people who were in a panic over this sell-off to “chill out”.

Cardano price chart from

ADA momentum remains low | Source: ADAUSD on

He cited the idea of price discovery in light of the success of coins such as Dogecoin or Shiba Int, which are of no utility but have experienced tremendous growth. He urges everyone to stop focusing on price discovery, and instead concentrate on the benefits of the project.

Hoskinson mainly pointed out newcomers as the people who are most worried about price. He explains that people like these are obsessed with price and “there seems to be an utter lack of perspective.”

Cardano Looks To The Future

Cardano was a project that older investors were investing in. Hoskison echoed the sentiment. Instead of focusing on the price, Hoskison encouraged everyone to consider the future. He envisioned Cardano as a global platform that could change the way the world views cryptocurrency.

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Hoskinson believes that Cardano is more than just making money by investing in its token. The project is an essential part of the future backbone of nations and payments solutions.

“If you look at a five-year, a 10-year, a 15-year, a 20-year package, we really feel that there’s a strong possibility Cardano could be the backend of many nation-states,” said Hoskinson.

Cardano’s potential value can only be predicted by the founder. However, Hoskinson sees Cardano as being “the biggest preserver of human rights the world has seen.”

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