With over 300k subscribers on YouTube and several startups in cryptocurrency and the blockchain space, Charles Hoskinson has created a name for himself as a huge innovator in the crypto space. And over the years, Charles Hoskinson’s net worth has landed him in 14th place on Forbes’ list of richest people in crypto.
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Charles Hoskinson was born in Hawaii, USA in 1987. Being born into a family of doctors, the future founder grew up in a relatively rich household, and was homeschool all the up until he reached high school.
Charles excelled so quickly in school that he went off to college at the young age of 15. Naturally, his initial instinct was to become a surgeon and follow his parents and siblings footsteps into the medical field. But it didn’t take long before Charles decided to switch gears, and become an entrepreneur instead.
Charles studied math and number theory at Metropolitan State University of Denver before attempting his masters at University of Colorado Boulder, but later ditched his PhD in the field to pursue a job in consulting.
Clearly, Charles isn’t one to stay in one place for too long. In 2013, he happened to discover the growing world of Bitcoin and cryptocurrency.
It was 2008 when Charles first discovered Satoshi Nakamoto (the anonymous founder of the Bitcoin blockchain). This was the same year that Charles joined the campaign for Ron Paul’s presidency, who had been claiming that the current financial systems using fiat currency wasn’t effective or sustainable.
Charles was fascinated by this concept, and when discovering Satoshi’s whitepaper that highlighted the issues he saw with the financial systems when the Great Recession hit back in 2017, he was immediately hooked.
After all, this was a natural extension of the beliefs Ron Paul had been sharing, and the ones Charles had been backing wholeheartedly.
And it wasn’t long after this that Charles decided to dive full-force into the crypto world with his own business.
He knew that the space had the potential to be something big, which is why he gave up his consulting career. But as most families with a background in medicine would – Charles’ family thought he was crazy.
Meanwhile, Charles was convinced he knew exactly what he was doing (even though he had no revenue coming in at the time).
First, Charles created a crypto platform called BitShares, and then created an online school called the Bitcoin Education Project.
It was at this point that Charles was introduced to another life-changing whitepaper developed by Vitalik Buterin, the founder of Ethereum. He was so interested in the idea of the Ethereum blockchain, that he reached out to Vitalik to ask him questions. He ended up getting invited by Vitalik Buterin to join a meeting.
Charles went on to help design Ethereum’s initial ICO (the crypto version of a company going public on the stock market) and he became one of the 8 co-founders of Ethereum.
Charles later became the CEO of Ethereum, but it didn’t last long when he and Buterin butted heads over the direction of the company. It was a deal-breaking disagreement: Vitalik wanted Ethereum to remain a non-profit company, while Charles wanted it to become a for-profit company.
Because of this fatal difference in opinion, Charles left Ethereum. It was debated whether or not he was fired, or left voluntarily – but he’s especially hated by Ethereum-lovers now that he’s launched a competing blockchain of his own.
After leaving Ethereum, Charles was contemplating going back to work in mathematics. Then, he was approached by a former coworker from Ethereum, Jeremy Wood. Jeremy came with a project idea for something called IOHK – and he wanted Charles’ help.
IOHK stands for “Input Output Hong Kong”.
The idea for IOHK was basically a company that would build cryptocurrencies and blockchains for institutions and establishments like schools, companies and governments. Charles decided to go in on the project – and it was a huge success.
Charles still acts as CEO of IOHK, and is known widely for one of its biggest projects: the Cardano Blockchain. This is a public blockchain that runs Ethereum classic, and supports it’s own, native cryptocurrency: ADA.
The initial mission of Cardano was to serve billions around the world who don’t have stable financial systems or governments, and help them create new and equitable ones. The plan behind Cardano was to do better than the “first generation blockchain” (Bitcoin), and also do better than the “second generation blockchain” (Ethereum).
Charles’ aim was to build what he called the “3rd generation smart-contract platform and cryptocurrency”. Apparently, this generation of blockchain is more thoroughly researched, has better security and is suited for higher scalability. The goal was to make Cardano 250X more decentralized than other blockchains – there would be no censorship and it would have an endless lifespan.
Not only this, but ADA would be far more sustainable environmentally through using the proof of stake concept.
Proof of stake is an alternative mining system compared with the one used by Bitcoin and Ethereum, called proof of work. Proof of work is very energy-intensive and is contributing significantly to the energy crisis around the globe. But mining with the proof of stake system is far more efficient. Here’s a more detailed explanation of what these mining systems are, and how they’re different.
His commitment to creating a more sustainable blockchain and still running Ethereum classic on Cardano are definitely contributing factors to Charles Hoskinson’s net worth, and has made Cardano stand out amongst the masses – making it a hefty competitor against Ethereum.
At first, Cardano was slow. It was considered by people in the space as a “tortoise” compared to the other blockchains and currencies, because it was always trying to keep up. But thanks to the efficiency of the blockchain, today it’s ranked #8 on the list of coins by market capitalization.
As of writing, the ADA market cap is over $14 billion with a 24-hour trading volume of $833,827,630.71.
“It actually does the things that we’ve always wanted to do in cryptocurrencies, which is build a financial operating system for people who don’t have one, one that actually can compete with a global financial system.” Charles Hoskinson, Yahoo news.
They were able to raise $62 million in Cardano’s ICO back in 2017. The purchasers were 95% Japanese, and it was marketed as “an investment to retire on”.
According to Forbes in 2018, Charles Hoskinson’s net worth was estimated at $500-600 million, and assuming he’s been affected by the recent dips in crypto and the overall health of the economy that his net worth is currently hovering around the $500 mark.
Charles is a serial entrepreneur who also founded Invictus Innovations, was the founding chairman of the education committee for Bitcoin Foundations, IOHK, now named IGO (input output global). He also built the Cryptocurrency Research Group back in 2013 when he got started in crypto.
And throughout, his core mission remained the same: to bring DeFi to communities that need proper financial systems in place, and help them become part of the economy.
Because of so many entrepreneurial adventures and philanthropic efforts under his belt in addition to his success with Cardano, Charles Hoskinson’s net worth has been able to grow to an estimated 9-figures. He allegedly doesn’t have any other equity, stocks or gold investments to account for – all of his wealth lies in crypto and cash.
But what can actually be attributed to his success of becoming a multi-millionaire entrepreneur?
A large part of his overall success was because of his mission to make cryptography a worldwide, accessible system, and help include underprivileged people in the economy.
Not only this, but he didn’t follow the mainstream route of what was simple and expected of him, instead, he went against the grain to do something he knew he could do, even when other people didn’t.
Now, he has donated money to build several blockchain technology labs throughout different financial institutions such as: University of Edinburgh, Tokyo Institute of Technology and University of Wyoming. In addition to this, he also donated to the Hoskinson Center for Formal Mathematics at Carnegie Mellon University back in 2021.
But the downfall of being so invested into a new, somewhat controversial industry like cryptocurrency, and paving his own path through it is that now: people either love him or hate him.
But it seems that this is a huge factor that has helped Charles Hoskinson’s net worth and many others skyrocket into the hundreds of millions.
Probably because it’s proof that you’ve done something risky, you’ve done something bold, and you’ve stuck to your beliefs so strongly that it was bound to ruffle a few feathers along the way.
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