CoinDesk reported:
Cardano founder Charles Hoskinson responded to prominent cryptocurrency commentator Ben Armstrong, also known as BitBoy, who claimed that ADA has lost its institutional appeal.
On Tuesday, Armstrong reiterated his stance on X that ADA is a “dead” cryptocurrency asset. Specifically, he argued that Cardano is no longer seen as a valuable acquisition by venture capitalists, which he believes will result in the demise of ADA as a legitimate investment.
In response, BitBoy clarified that this viewpoint does not mean ADA cannot bring returns to holders in this cycle. Instead, he pointed out that he believes Cardano can bounce back, albeit with less encouraging profits for investors.
BitBoy’s pessimistic view sparked strong criticism from Cardano supporters. Charles Hoskinson has now joined the chorus, responding to BitBoy’s claims.
Cardano founder unsure how to please BitBoy
Hoskinson recalled the original vision of cryptocurrency being to replace traditional institutions rather than trying to appease or seek validation from them. He humorously added that he might need to learn the banjo to make BitBoy happy.
“I remember the purpose of cryptocurrency was to replace institutions, not play a scene of salvation. I guess I gotta learn the banjo to make Bit happy.” https://t.co/yLMj1qAE1T— Charles Hoskinson (@IOHK_Charles) July 3, 2024
Other commentators have also weighed in, refuting BitBoy’s claim that ADA is “dead” for institutions. They argue that this concept is irrelevant as Cardano has never relied on venture capital to grow. Instead, they believe Cardano focuses on serving users and the community rather than catering to institutional investors.
Interestingly, BitBoy’s latest criticism of ADA came after Hoskinson declined his friendly discussion invitation a few weeks earlier. It is worth noting that the Cardano founder stated that there is nothing to discuss now that BitBoy has joined the ranks against ADA.
BitBoy displays inconsistency
Until recently, Armstrong was a Cardano bull. In an analysis six months ago, he claimed ADA could rise by 2500%, with a trading price of $11. The dramatic shift in this viewpoint has drawn attention.
Some speculate that BitBoy’s criticism may stem from personal reasons rather than a genuine evaluation of Cardano’s prospects.
It is noteworthy that BitBoy has a history of declaring popular cryptocurrency projects dead. During the FTX crash, he asserted that Solana was dead and urged investors to flee SOL. Meanwhile, in a recent assessment, he deemed SOL a valuable investment.
