Charles Hoskinson, founder of Cardano, gave a candid message at Consensus Hong Kong. Wearing a casual McDonald’s cap, he told the audience that the crypto industry “is not healthy.” He added that overall market sentiment is at an all-time low.
HOSKINSON: CRYPTO NEEDS A NEW NARRATIVEWearing a McDonald’s cap, Charles Hoskinson said the industry “is not healthy,” with sentiment at an all-time low.But he argued that while the micro looks bad, the macro backdrop is forcing a pivot. pic.twitter.com/hdxppacSF8
— Coin Bureau (@coinbureau) February 12, 2026
Despite the gloomy outlook, Hoskinson called for a shift in focus. He said the industry needs a “new narrative.” He explained that short-term struggles, like low liquidity and weak investor confidence, are temporary. Meanwhile, bigger trends like regulatory clarity and technology adoption are creating opportunities for growth.
Short-Term Pains, Long-Term Opportunities
Hoskinson compared the current market to past cycles. He noted how the crypto industry moved from DeFi hype to real-world utility in 2021–2022. He said similar shifts could happen again.
“While the micro looks bad, the macro is forcing a pivot,” Hoskinson said. He meant that broader trends in regulation, institutional adoption, and technology could outweigh current market problems.
Crypto Community Reactions Are Divided
The clip of Hoskinson speaking quickly spread online, and reactions showed a split in the community. Some users continued promoting memecoins and short-term gains. While others speculated about meaningful narratives, such as AI agents or decentralized AI applications.
This division highlights a key point: many crypto participants want more substance over hype. Hoskinson’s message seems aimed at steering the discussion toward projects with real-world value.
Crypto at a Crossroads
Charles Hoskinson’s talk comes at a time of uncertainty for crypto. As markets face regulatory pressures and cautious investors. Experts say volatility may continue in the short term. However, clearer rules and tech adoption could support sustainable growth.
By calling for a new narrative, Hoskinson stresses the need for innovation with purpose. The focus should be on building use cases that solve real problems, not chasing hype.
His blunt assessment may not solve all issues, but it has sparked conversation. Furthermore, the crypto industry is being urged to think long-term. Investors and developers alike may need to shift focus toward lasting value and practical applications.
Hoskinson’s appearance shows that even during low sentiment, there is room for optimism. The industry could pivot to meaningful projects and innovation if the community embraces a narrative focused on utility and growth.
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