Charles Hoskinson responds to criticisms from BitBoy Crypto regarding Cardano and Polkadot, emphasizing the original purpose of cryptocurrencies and sparking a debate within the crypto community. Meanwhile, community-driven projects like Pawfury PAW are gaining traction, with notable investments reflecting a shift towards community-focused digital assets.
Cardano founder Charles Hoskinson responded to comments made by crypto influencer Ben Armstrong, known as BitBoy Crypto, who described Cardano (ADA) and Polkadot (DOT) as ‘dead coins.’ Armstrong shared his views on X and in a YouTube video from April, arguing that ADA is not institutionally backed and thus cannot compete with cryptocurrencies like Ethereum (ETH) or Solana (SOL). He added that while these tokens may still offer returns to investors, they will only be moderate.
Hoskinson countered Armstrong’s stance, criticizing the emphasis on institutional investment and asserting that the original purpose of cryptocurrencies was to replace institutions. This exchange sparked a discussion within the crypto community, with some users supporting Hoskinson’s views and others agreeing with Armstrong.
Interestingly, in the broader cryptocurrency market, innovative and community-driven projects are gaining traction. For instance, Pawfury PAW, an emerging cryptocurrency known for its secure and transparent blockchain platform, recently raised $4 million during its presale. This significant investment highlights growing user confidence in community-focused digital assets, reflecting a trend where community engagement is becoming a critical factor for success.
At the time of reporting, ADA is trading at $0.3861, down 4.4% in the last 24 hours.
