Cardano’s creator, Charles Hoskinson, has responded to claims made by well-known crypto commentator Ben Armstrong, also known as BitBoy, who stated that ADA has lost its appeal to institutional investors.
Armstrong reiterated his belief that ADA is a “dead” cryptocurrency, emphasizing that venture capitalists no longer see Cardano as a valuable investment, ultimately predicting the demise of ADA as a legitimate investment opportunity.
Despite his pessimistic outlook, BitBoy clarified that this does not mean ADA cannot generate returns for holders during this cycle. However, he suggested that while Cardano may experience a rally, the profits for investors may not be as substantial as hoped.
This perspective from BitBoy has faced criticism from supporters of Cardano, prompting Hoskinson to join in and address BitBoy’s claims. Hoskinson reminisced about the original vision of cryptocurrencies, which aimed to replace traditional institutions rather than seek their approval. He jokingly suggested that he might need to learn how to play the banjo to satisfy BitBoy.
Other commentators have also challenged BitBoy’s assertion that ADA is no longer attractive to institutions. They argue that Cardano’s success does not depend on venture capital funding but rather on its commitment to serving users and the community, prioritizing their needs over appealing to institutional investors.
Interestingly, this criticism from BitBoy comes shortly after Hoskinson declined an invitation for a friendly discussion, citing BitBoy’s alignment with others who have criticized ADA. This refusal suggests that there is nothing left to discuss with BitBoy.
Armstrong’s sudden shift from being a Cardano supporter to labeling it as “dead” has raised suspicions among some observers, who speculate that his criticism may be driven by personal motives rather than a genuine evaluation of Cardano’s potential.
BitBoy has a history of declaring popular crypto projects as “dead.” Despite previously claiming that Solana was a lost cause during the FTX incident, he later recommended it as a valuable investment opportunity. This inconsistency in his assessments has led to skepticism regarding his credibility.
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