In the crypto space, bold statements and controversial opinions are commonplace. Recently, one such statement caused an uproar in the crypto community when Ben Armstrong, known as BitBoy Crypto, called Cardano’s ADA token a “dead coin” in the eyes of institutions. This statement sparked a wave of reactions, including from Charles Hoskinson, Cardano’s founder.
Cardano (ADA) is dead? Charles Hoskinson says NO!
Hoskinson, known for his candor and commitment to his crypto, was quick to respond. With a hint of humor, he tweeted, “I remember when the point of crypto was to replace institutions instead of reenacting a scene from ‘Deliverance.’ Guess I need to learn to play the banjo to make Ben happy.” This lighthearted response masks a deeper critique of the current trend! Which is that of valuing institutional investment over the decentralized principles that are the foundation of crypto.
The Cardano community was quick to defend the technical potential and future of the crypto. One user on the X platform questioned Armstrong’s logic, pointing out the irony of marking as “dead” the only coins with a governance mechanism. Dave, a Cardano developer, also refuted BitBoy Crypto’s claims. He pointed out the lack of technical analysis in his assessment and highlighted Cardano’s strengths. Notably, its strong community, energy efficiency, and autonomy.
ADA crypto continues its bearish trend
Cardano (ADA) is currently experiencing a negative tilt, falling to $0.329 with a decrease of 9.39% in the last 24 hoursOver the past month, the crypto token has suffered a notable decline of over 13% despite rising 3.87% last week.
While opinions differ on the importance of institutional investment in the success of cryptocurrencies, the recent controversy surrounding Cardano highlights a fundamental question: What is the true measure of success in the crypto space? Is it institutional adoption or the strength and resilience of a decentralized and engaged community? For now, Cardano continues to chart its course, with or without institutional approval.
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