Renowned cryptocurrency commentator Ben “BitBoy” Armstrong has reiterated his belief that Cardano (ADA) is unlikely to generate significant returns for investors in the current bull market. Speaking on X, Armstrong clarified his previous statement that Cardano and Polkadot (DOT) are considered “dead” by institutional investors. He explained that by referring to ADA and DOT as lifeless assets, he did not mean they would never experience price increases.
According to BitBoy, both tokens are expected to see some gains during this bull cycle, but the returns would be modest compared to other assets that he considers more reliable. This suggests that institutions may have already dismissed Cardano and Polkadot as long-term investment opportunities, potentially limiting their chances of a dramatic surge.
However, Armstrong’s latest assessment contradicts his previous bullish statements. Earlier this year, he confidently predicted that Cardano would reach a value of $11, which would represent a profit of over 2,500% for investors. Currently, ADA is trading at $0.4106.
The criticism from BitBoy has not gone unnoticed by members of the Cardano community, known as the ADA Army. Some question his objectivity and suggest that he may have ulterior motives, such as seeking attention from influential figures like Cardano founder Charles Hoskinson. Interestingly, Hoskinson declined BitBoy’s invitation to discuss ADA in April.
Additionally, the co-founder of the Cardano-based project NEBULA argued that Armstrong’s belief that ADA is dead to institutions is unfounded. He emphasized that ADA does not rely on venture capital money to thrive, highlighting that it is the users who drive the network, not institutions.
Other community members pointed out inconsistencies in Armstrong’s labeling of crypto assets as dead. One user recalled when BitBoy declared Solana (SOL) dead in late 2020 during the FTX fiasco. At that time, market participants abandoned Solana, causing the price of SOL to plummet. The user noted the irony of the situation, as Solana has since made a significant comeback and is now ranked just below Ethereum, driven by DeFi activities and meme coin sensations. Despite previously dismissing it, pundits like BitBoy are once again promoting SOL as a worthwhile investment.
Disclaimer: This article provides information and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.