Cardano (CRYPTO: ADA) founder Charles Hoskinson said in an interview aired Tuesday that the “Magnificent Seven” tech giants could drive cryptocurrency’s next phase of growth.
‘Mag 7’ Giants Encouraged After Pro-Crypto Bills Passage
Speaking to CoinDesk, Hoskinson said that most of the liquidity remains in traditional finance and that cryptocurrency legislation such as the GENIUS Act and the CLARITY Act will accelerate their push into blockchain-based technology.
“When you look at the Genius Act and the Clarity Act, soon to come, all the big guys are gonna come in, not just the big banks, but also the Mag 7,” he added.
Hoskon pointed out that TradFi giants like Microsoft Corp. (NASDAQ:MSFT), Amazon.com Inc. (NASDAQ:AMZN) and Alphabet Inc.’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google are all “experimenting” with blockchains.
Warning Sign For Ethereum?
Hoskinson said that this could particularly become a problem for Ethereum (CRYPTO: ETH), currently the world’s leading decentralized finance network.
“They have no incentive to go boost Ethereum or deploy on Ethereum. They can be Ethereum adjacent or gather liquidity, but they own the users,” he argued. Instead, they could leverage their massive user base to become “king makers” of the on and off-ramps, acting as a mediator between traditional money and cryptocurrencies.
Hoskison, one of Ethereum’s co-founders, who left the project due to disagreement over its long-term vision, has a history of criticizing the network.
Earlier this year, he issued a grim commentary predicting that Ethereum won’t survive more than 10 to 15 years.
Blockchain Initiatives By Google, Amazon
Hoskinson’s remarks come in the wake of a sustained push by top tech companies to integrate blockchain technology into their operations.
Alphabet is preparing to enter blockchain finance with the commercial launch of Google Cloud Universal Ledger in 2026, a platform mirroring the capabilities of Ripple Labs’ XRP (CRYPTO: XRP) Ledger.
Reports also emerged that Amazon was considering the possibility of issuing its own stablecoin.
Price Action: Roundhill Magnificent Seven ETF (BATS:MAGS), which provides equal-weight exposure to the "Mag 7" stocks, closed 0.73% lower at $61.72 on Tuesday.
The Alphabet Stock exhibited a high Momentum and Growth score as of this writing. Visit Benzinga Edge Stock Rankings to discover similar metrics across the other ‘Mag 7’ firms.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
