Cardano founder Charles Hoskinson has responded to comments by prominent cryptocurrency commentator Ben Armstrong, aka BitBoy, who claimed that Cardano has lost its institutional appeal.
On Tuesday, Armstrong reiterated his stance, calling ADA a “dead” crypto asset. In particular, he stressed that Cardano is no longer considered a worthy acquisition by venture capitalists and believes that this will indirectly lead to the death of ADA as a legitimate investment.
At the same time, BitBoy clarified that his opinion does not mean that ADA cannot generate gains for holders in this cycle. Conversely, he believes Cardano could bounce back, but with less inspiring returns for investors.
BitBoy’s pessimistic view has triggered a lot of criticism from Cardano supporters. Charles Hoskinson has now joined the fray, responding to BitBoy's comments.
Hoskinson recalled that the original vision for cryptocurrency was to replace traditional institutions, not to curry favor with them or seek recognition. He added humorously that maybe he needed to learn to play the banjo to make BitBoy happy.
Other commentators have also weighed in, refuting BitBoy’s claim that ADA is “dead” among institutions. They argue that this view is irrelevant because Cardano has never relied on venture capital funding to thrive. Instead, they believe that Cardano should focus on serving its users and community rather than catering to institutional investors.
Interestingly, BitBoy’s latest criticism of ADA comes just weeks after Hoskinson declined his invitation to engage in a friendly discussion. Notably, the Cardano founder noted that there is no need for further discussion since BitBoy joined the chorus of naysayers criticizing ADA.
Armstrong was once a supporter of Cardano, but recently changed his mind. In an analysis six months ago, he claimed that ADA could rise by 25,00% to $11. This dramatic shift in opinion has attracted attention.
Some have suggested that BitBoy’s criticism may be motivated by personal reasons rather than a true assessment of Cardano’s prospects.
It is worth mentioning that BitBoy asserted that Solana was “dead” during the FTX incident and urged investors to exit SOL. However, in a more recent review, he believes SOL is a worthy investment.
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