Cardano is Dead? Charles Hoskinson Brutally Criticizes BitBoy Crypto!

In the crypto universe, bold statements and controversial opinions are commonplace. Recently, such a statement caused an uproar in the crypto community when Ben Armstrong, known as BitBoy Crypto, labeled Cardano’s ADA token a “dead coin” in the eyes of institutions. This claim sparked a wave of reactions, notably from Charles Hoskinson, the founder of Cardano.

Cardano (ADA) is dead? Charles Hoskinson says NO!

Hoskinson, known for his candor and commitment to his crypto, quickly responded. With a touch of humor, he tweeted: “I remember when the goal of cryptocurrencies was to replace institutions instead of replaying a scene from ‘Deliverance’. I guess I have to learn to play the banjo to make Ben happy.” This light response masks a deeper criticism of the current trend! Which is to value institutional investments at the expense of the decentralized principles that underlie crypto.

I remember when the point of cryptocurrencies was to replace institutions instead of acting out a scene from deliverance.

I guess I got to learn the banjo to make Ben happy. https://t.co/yLMj1qAE1T

— Charles Hoskinson (@IOHK_Charles) July 3, 2024

The Cardano community was quick to defend the technical potential and future of the crypto. A user on platform X questioned Armstrong’s logic, highlighting the irony of labeling as “dead” the only coins with a governance mechanism. Dave, a Cardano developer, also refuted BitBoy Crypto’s claims. He notes the absence of technical analysis in his assessment and highlights Cardano’s strengths. Notably, its solid community, energy efficiency, and autonomy.

ADA Crypto Continues Its Downward Trend

Cardano (ADA) is currently experiencing a negative trend, falling to $0.329 with a decline of 9.39% in the last 24 hours. Over the past month, the crypto token has seen a notable decline of more than 13% despite a 3.87% rise last week.

While opinions differ on the importance of institutional investments 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 forge its path, with or without institutional approval.