Cardano founder Charles Hoskinson decided to share an anecdote encompassing his experience with the now-struggling Credit Suisse bank.
Hoskinson recounted this story in his podcast streamed on March 20. According to him, back in 2014, while he was in Ethereum (ETH) and based in Switzerland, Credit Suisse, who last year made big headlines, refused to open an account. The company claimed cryptocurrencies were too dangerous and unstable to work with.
In particular, the inventor of Cardano brought out the irony of all of the problems that Credit Suisse and the banking industry as a whole were going through at the moment, in the context of its critical stance toward crypto and Hoskinson himself nine years earlier:
As per Hoskinson, the banking system is starting to fall apart inevitably because it’s always been a Ponzi scheme. The Cardano founder asserts that this scheme is based on taking “other people’s money” and using it to increase and create money into existence, give it to people all over the world, and then making windfall profits from it until the people start to feel shaky, in which case users socialize their losses and give these same losses to society, which is precisely what has been happening for years in the banking industry.
It is also worth mentioning that the former CEO of Credit Suisse, Tidjane Thiam, declared bitcoin (BTC) “the very definition of a bubble” back in November 2017, adding to the irony of the bank’s current state and its historical attitude toward cryptocurrencies. Thiam argued that “the only reason to buy or sell Bitcoin is to make money,” disregarding the asset.
Meanwhile, Credit Suisse’s stock has continued to tank as the UBS merger failed to quell investor fears. The most recent data from Google Finance on March 21 shows the stock has dropped nearly 65% in the previous five days and almost 70% on its monthly chart.