Arthur Hayes Calls Cardano An “Ethereum Wannabe”

Co-founder and former BitMex CEO Arthur Hayes just trashed Cardano (ADA), calling it an Ethereum (ETH) wannabe that no one cares about.
The crypto personality also criticized spot Bitcoin (BTC) exchange-traded funds (ETFs) in the US and he does not consider it a victory for those seeking financial freedom.

The Thoughts of Arthur Hayes on Cardano

In a recent interview with Coin Bureau, Arthur Hayes commented on several events happening in the market right now. As always, he didn’t hold back his thoughts.

Along the way, Hayes called dog-themed coins like dogwifhat (WIF), Shiba Inu (SHIB), and Dogecoin (DOGE) as “stupid and hilarious at the same time,” but referred to them as flipping the bird to the traditional finance (TradFi) system. He went on to say that people putting their money in them just shows how worthless Fiat currency is and he particularly called out WIF as “the best dog money of this bull cycle.”

The former Bitmex boss also reaffirmed his earlier statements on Bitcoin as the “only real crypto money” while Ethereum is the “decentralized computer.” However, one particular area that got the irk of the crypto community was his remarks centered on Cardano.

When the host, Jessica Walker, asked Hayes’ thoughts on Cardano, he started things off saying that no one cares about it in an expletive manner.

“A bunch of wannabe Ethereum,” he answered. “The first wannabe Ethereum.”

“And [Cardano] may be the first one to be irrelevant,” he went on.

Hayes continued his rant on the altcoin market in general. He warned investors about how most of them are more about the hype than what they could actually bring to the table in a technological sense.

The entrepreneur who is now based in Japan further claimed that when an altcoin is “marketed too heavily” it should already be a red flag to people. In this case, he used EOS as example to drive his point.

Bitcoin ETFs are Not the Key to Financial Freedom

Despite his negativity on some altcoins, particularly on Cardano, there were certainly nuggets of information that can be derived from the entire interview of the former Bitmex CEO. He talked about how spot Bitcoin ETFs have definitely paved the way to the wider adoption and regulatory ease on BTC. However, he noted they are not a triumph toward financial freedom and they are only seen by asset managers like BlackRock as a way to gain more paper money.

As we heard him last month, Hayes had some worries that too much success of spot Bitcoin ETFs could ruin the Bitcoin ecosystem. Notably, he was critical of how it could lead to investment managers like BlackRock buying most BTC in circulation.

Hayes explained that such a scenario would significantly reduce transactions in the network where miners get a slice of their earnings from the associated fees. As a result, it could ultimately force Bitcoin mining firms to abandon securing the network and this is where Bitcoin could essentially be destroyed.

Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines.In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013.Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO's core management team, contributing to strategic planning and business development endeavors.