Cardano Founder Reacts as BitBoy Says ADA Has Lost Institutional Appeal

Cardano founder Charles Hoskinson has responded to the claims from famous crypto commentator Ben Armstrong, aka BitBoy, who asserted that ADA has lost institutional appeal.

On Tuesday, Armstrong took to X to reemphasize his position that ADA is a “dead” crypto asset. Specifically, he asserted that Cardano is no longer seen as a worthy acquisition by venture capitalists, which he believes, by extension, will lead to the death of ADA as a legitimate investment.

Meanwhile, BitBoy clarified that the view does not mean ADA cannot yield returns for holders in this cycle. Instead, he noted his belief that Cardano could rally, but it would post a less encouraging profit for investors.

BitBoy’s pessimistic view has triggered substantial criticism from Cardano proponents. Charles Hoskinson has now joined the chorus, responding to BitBoy’s claims.

Cardano Founder Not Sure How to Appease BitBoy

Hoskinson recalled the days when the initial vision of cryptocurrencies was about replacing traditional institutions rather than trying to appease them or seek validation. He humorously added that he might need to learn to play the banjo to make BitBoy happy.

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

Other commentators have also weighed in, dismissing BitBoy’s claim that ADA is “dead” to institutions. They argue the notion is irrelevant, as Cardano never relied on venture capital funding to thrive. Instead, they believe Cardano focuses on serving its users and the community rather than catering to institutional investors.

Interestingly, BitBoy’s latest criticism of ADA comes just weeks after Hoskinson refused to honor his invitation to a friendly discussion. Notably, the Cardano founder stated that since BitBoy had joined the chorus of naysayers criticizing ADA, nothing was left to discuss.

BitBoy Exhibits Inconsistencies

Armstrong was a Cardano bull until recently. In an analysis six months ago, he asserted that ADA could rally by 2,500% to trade at $11. This dramatic shift in opinion has raised eyebrows. 

Some suggest that BitBoy’s criticism may be motivated by personal reasons rather than a genuine assessment of Cardano’s prospects.

Notably, BitBoy has a history of calling popular crypto projects dead. During the FTX debacle, he asserted that Solana was dead and urged investors to flee from SOL. Meanwhile, in more recent assessments, he has identified SOL as a worthy investment.