Charles Hoskinson Confirms Cardano Will Always Choose Stability Over Token Burning
The Crypto CEO has repeatedly affirmed token burning will never occur with ADA
The volatile nature of cryptocurrency has allowed some patient investors to make nearly impossible gains given how high some coins can run over time. One of the most popular in 2021 has been Cardano (ADA), which saw huge gains earlier in the year but mostly flat prices of late. There has been a near-constant call from some to have ADA tokens burned to increase scarcity and create upward price movement, but as he has done in the past, the crypto’s founder, Charles Hoskinson, once again confirmed his project is all about stability and burning is simply never going to happen.
There is a maximum supply of about 45 billion ADA, with approximately 32 billion of them currently in circulation. Putting that in perspective, Bitcoin only has maximum supply of 21 million coins. Although the future looks bright for Cardano, some investors continue to push for ways to drive the price ever higher, with burning being the most frequent request.
Hoskinson has tried to say unequivocally in the past that Cardano will not be burning ADA now or in the future, but the question keeps getting asked anyways. A regular presence on YouTube and Reddit to discuss his crypto and all the affiliated projects, he never fails to answer the tough inquiries, including those that are repetitive and clearly annoy him.
This past weekend, Hoskinson did an AMA on YouTube while on business in Ethiopia. Despite his firm denials in the past, there have continued to be persistent rumors that burning tokens might still occur at some point. Once again, according to Crypto Slate’s Samuel Wan, the CEO once again dropped the hammer on those making such speculation.
Calling one questioner an “idiot,” a term he has used before to refer to pro-burners, Hoskinson patiently explained again how burning would go against everything Cardano stands for:
“Why do people think it’s possible to burn ADA? It’s not, it’s not. I own some ADA, you guys have some ADA. To burn ADA you physically have to forcibly confiscate ADA from somebody and destroy it.”