Cardano

2024

Polkadot

<ul>
 <li aria-level="1">Charles Hoskinson defends Cardano against claims it’s “dead to institutions.”</li>
</ul>
<ul>
 <li aria-level="1">Hoskinson dismisses concerns, emphasizing cryptocurrencies’ goal to disrupt traditional finance, not court institutional approval.</li>
</ul>
Charles Hoskinson, the founder of Cardano, has responded to remarks by prominent crypto influencer Ben Armstrong, known as BitBoy, who suggested that Cardano (ADA) and Polkadot (DOT) have lost their appeal to institutional investors.
On July 3, Armstrong reignited his controversial claims, made in an<a href="https://youtu.be/Be_PMH6euf0?si=GNuU0e3D-S0T3AkN" target="_blank" rel="noopener noreferrer nofollow"> April YouTube video</a> stating that Cardano and Polkadot are ‘dead’ in the eyes of institutional investors. Armstrong’s position stems from his view that these projects do not have the same institutional support as other coins, such as Ethereum (ETH) and Solana (SOL). He notes that ADA and DOT might still generate some gains, but they will not be as high as the tokens that are popular with institutions.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 I want to be clear. Recently, I said <a href="https://twitter.com/search?q=%24DOT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DOT</a> &amp; <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a> are both dead to institutions. Which ultimately will lead to their death as legitimate investments.
 This DOES NOT mean they won't pump and offer returns to investors in this bull run. They will. Returns will just be mid.
 — Ben Armstrong aka BitBoy Crypto (@BenArmstrongsX) <a href="https://twitter.com/BenArmstrongsX/status/1808455063838347406?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 3, 2024</a>
</blockquote>
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Armstrong explained that as investors become more interested in newer projects, there is the potential for even higher returns, meaning that existing projects such as Cardano could find it more difficult to <a href="https://www.crypto-news-flash.com/cardano-development-update-core-technology-optimizations-and-performance-benchmarks/" target="_blank" rel="noopener noreferrer nofollow">attract large amounts of investment</a> in the future.
<h3 id="strong-hoskinson-s-swift-rebuttal-strong">Hoskinson’s Swift Rebuttal</h3>
In response, Hoskinson<a href="https://twitter.com/IOHK_Charles/status/1808638804573790459" target="_blank" rel="noopener noreferrer nofollow"> went to X</a> to counter Armstrong’s view, pointing to an important concept of cryptocurrencies. Hoskinson emphasized that the main purpose of cryptocurrencies was to <a href="https://www.crypto-news-flash.com/cardano-ecosystem-focuses-on-interoperability-and-scalability-in-voltaire-era-can-price-hit-1/" target="_blank" rel="noopener noreferrer nofollow">challenge and dethrone traditional institutions</a> rather than gain their approval.&nbsp;
“I guess I got to learn the banjo to make Ben happy,” Hoskinson tweeted sarcastically, highlighting what he sees as a misunderstanding of the essence of cryptocurrencies.
He pointed<a href="https://www.crypto-news-flash.com/hoskinson-defends-cardano-against-ben-armstrongs-criticism/" target="_blank" rel="noopener noreferrer nofollow"> to upcoming innovations </a>such as layer-2 scaling solutions like Hydra and partner chains, including Midnight and Prism, which he believes will solidify Cardano’s position in the market. Hoskinson’s counterattack is a clear representation of his focus on the original vision of Cardano and the possibility of achieving a lot in the crypto space.
Armstrong is not alone in his critique of Cardano. In February, former BitMEX CEO Arthur Hayes offered harsh criticism of ADA, calling it “DOG Shit” and doubting the relevance and demand for dApps on the Cardano blockchain.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 For all you <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a> believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, looks like none of them do. That's why <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a> is dog shit. <a href="https://twitter.com/IOHK_Charles?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@IOHK_Charles</a> pls educate me.
 Yachtzee <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f61a.png" alt="😚" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f61a.png" alt="😚" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f61a.png" alt="😚" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f61a.png" alt="😚" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f618.png" alt="😘" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f61a.png" alt="😚" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f618.png" alt="😘" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/riQORI6Ipy" rel="noopener noreferrer nofollow">pic.twitter.com/riQORI6Ipy</a>
 — Arthur Hayes (@CryptoHayes) <a href="https://twitter.com/CryptoHayes/status/1760092061599158448?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 21, 2024</a>
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Notably, Vanessa Harris, a crypto analyst who had previously criticized Cardano’s governance structure, has recently <a href="https://twitter.com/technologypoet/status/1808226305663541537" target="_blank" rel="noopener noreferrer nofollow">issued</a> an olive branch to the Cardano community. On July 2, Harris took to Twitter and said that she would continue to support the community and would not sell any of her ADA; instead, she would hold it and allow the ecosystem to grow.
<blockquote>
 “I’d like to apologize to the Cardano community. I’ve been overly harsh in my criticism of the ecosystem. In the last six months I became increasingly concerned about what I view as existential issues for Cardano.”She stated.
</blockquote>
<h3 id="strong-market-performance-and-community-reaction-strong">Market Performance and Community Reaction</h3>
Despite the controversy, Cardano has shown recent positive movement in the market. As of Saturday, Cardano was trading at $0.3578, marking a 3% increase for the day. This upward trend boosted Cardano’s market capitalization to $12.6325 billion, representing 2.87% of the total cryptocurrency market cap.
<div class="cryptoboxes" id="mcw-419861" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="cardano" data-symbol="ADA" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
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However, the past week’s performance has been less favorable, with Cardano experiencing a 10.31% decline in value. Trading volumes have also been significant, with $367.5197 million worth of Cardano traded in the past 24 hours, registering a 51% 24-hour decline. The fluctuation in Cardano’s market value highlights the volatility and ongoing debate about its long-term viability.
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Cardano’s Hoskinson Fires Back: ADA “Not Dead” to Institutions Before Governance Upgrade

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