Cardano Founder Responds to BitBoys Claim that ADA has Lost Institutional Appeal

CryptoSlate Reports:
Charles Hoskinson, founder of Cardano, responded to prominent cryptocurrency commentator Ben Armstrong (aka BitBoy), who claimed ADA has lost institutional appeal.
On Tuesday, Armstrong reiterated his stance on X, asserting ADA is a “dead” crypto asset. Specifically, he argued Cardano no longer garners interest from venture capitalists, potentially spelling the end of ADA as a legitimate investment.
In contrast, BitBoy clarified his viewpoint, noting that this doesn’t imply ADA can’t yield returns for holders in this cycle. Instead, he believes Cardano could rebound but anticipates less inspiring profits for investors.
BitBoy’s pessimism sparked strong criticism from Cardano supporters. Charles Hoskinson has now joined the chorus in addressing BitBoy’s assertions.
Founder Unsure How to Please BitBoy
Hoskinson recalled cryptocurrency’s original vision to replace traditional institutions rather than seek their approval. He humorously added he might need to learn the banjo to make BitBoy happy.
“I remember crypto’s purpose was to replace institutions, not play out a rescue scene. I guess I’ll need to learn the banjo to make Ben happy.” https://t.co/yLMj1qAE1T – Charles Hoskinson (@IOHK_Charles) July 3, 2024
Other commentators also countered BitBoy’s claim that ADA is “dead” to institutions, arguing it’s irrelevant since Cardano never relied on venture capital for growth. Instead, they highlight Cardano’s focus on serving users and the community rather than catering to institutional investors.
Interestingly, BitBoy’s latest critique of ADA comes after Hoskinson declined his invitation for a friendly discussion weeks ago. The Cardano founder noted there’s little to discuss now that BitBoy has joined the ranks against ADA.
BitBoy Displays Inconsistency
Until recently, Armstrong remained bullish on Cardano. In an analysis six months ago, he suggested ADA could rise by 2500%, reaching $11 per token. The dramatic shift in his viewpoint has drawn considerable attention.
Some speculate BitBoy’s criticisms may stem more from personal reasons than a genuine assessment of Cardano’s prospects.
Notably, BitBoy has a history of declaring popular cryptocurrency projects dead. During the FTX collapse, he claimed Solana was dead and urged investors to flee SOL. Yet, in recent evaluations, he now sees SOL as a worthwhile investment.