Cardano founder Charles Hoskinson recently responded to claims by crypto influencer Ben Armstrong, also known as BitBoy, regarding the future of ADA and its appeal to institutional investors. Armstrong stated that he believes both DOT and ADA are no longer appealing to institutions, which could undermine their legitimacy as investments. However, Hoskinson disagreed, emphasizing that the goal of cryptocurrencies is to replace traditional institutions, not seek their approval. He sarcastically mentioned that he might need to learn the banjo to make Armstrong happy.
This exchange is just the latest in a series of criticisms from Armstrong towards Cardano. In April, Armstrong declared Cardano as “dead” in a video, comparing it unfavorably to other ecosystems. Despite the criticisms, the Cardano community has remained supportive of Hoskinson and his vision. Many users praised him for staying true to the foundational principles of cryptocurrency and pushing for a decentralized future that empowers individuals over institutions.
Former BitMEX CEO Arthur Hayes also disparaged ADA earlier this year, calling it “DOG Shit” and questioning the utility and adoption of decentralized applications on the Cardano network. Despite the criticism, the Cardano community remains steadfast in supporting Hoskinson and his vision for the project. Even notable crypto analyst Vanessa Harris, who had been critical of Cardano’s governance structure, recently apologized to the community for her harsh criticism and expressed her intention to support the ecosystem.
Despite facing challenges amid a broader crypto market downturn, ADA has maintained relative stability over the past 30 days. However, it has lost its market cap position to Dogecoin, dropping to 10th place. ADA was trading at $0.38 at press time, reflecting a 4.87% decline over the past 24 hours. The market downturn has been primarily driven by fears of massive Bitcoin sell-offs by miners, the German Government, and potentially by Mt. Gox creditors.
Overall, the recent exchange between Hoskinson and Armstrong highlights the ongoing debate in the crypto community about the role of institutions in the legitimacy of cryptocurrencies. While some believe that institutions are essential for legitimacy, others, like Hoskinson, argue that true power lies in disrupting traditional systems and empowering individuals. Despite the criticisms, the Cardano community has remained loyal to Hoskinson and his vision for a decentralized future in the cryptocurrency space.
