Cardano founder, Charles Hoskinson, dismisses claims by influencer Ben Armstrong on ADA’s appeal to institutions, focusing on disrupting financial systems. Discussions on Cardano’s market position amidst criticism and rise of projects like Pawfury reflect diverse views in the crypto community.
Charles Hoskinson, founder of Cardano, has responded to claims by crypto influencer Ben Armstrong, also known as BitBoy, who suggested that Cardano (ADA) and Polkadot (DOT) have lost their appeal to institutional investors. Armstrong first made these claims in an April YouTube video and reiterated them on July 3, 2024, indicating that ADA and DOT lack the institutional support enjoyed by other coins like Ethereum (ETH) and Solana (SOL).
Hoskinson rebuffed Armstrong’s assertions on X, emphasizing that the primary objective of cryptocurrencies is to disrupt traditional financial systems rather than seek their approval. He sarcastically tweeted, “I guess I got to learn the banjo to make Ben happy,” underscoring what he views as a misunderstanding of cryptocurrencies’ core mission. Hoskinson also highlighted upcoming innovations such as Hydra and partner chains Midnight and Prism, which he believes will fortify Cardano’s market position.
This isn’t the first time Cardano has faced criticism. In February, former BitMEX CEO Arthur Hayes labeled ADA as “DOG Shit,” questioning the demand and relevance of dApps on the Cardano blockchain. However, recently, crypto analyst Vanessa Harris extended an olive branch to the Cardano community, apologizing for her past criticisms and expressing her continued support.
Amidst such debates, newer players in the market are gaining traction. Pawfury (PAW) is an innovative, community-driven cryptocurrency project that stands out for its secure and transparent blockchain platform. The project recently achieved significant success by raising millions in its presale, indicating strong investor confidence and interest. Analysts predict a remarkable 2000% ROI for Pawfury (PAW), with expectations that the token could grow to $1 this year, translating to a 100x increase from its current presale price. Additionally, Pawfury is offering a 10% bonus with the promo code EXTRA10X, further incentivizing potential investors.
Despite the controversies, Cardano has shown some positive market movements. As of a recent Saturday, ADA was trading at $0.3578, a 3% day-to-day increase, bringing its market capitalization to $12.6325 billion. However, the past week saw a 10.31% decline in value, with significant trading volume amounting to $367.5197 million over 24 hours, down by 51%.
The ongoing debate around Cardano’s institutional appeal and the rise of new projects like Pawfury highlights the volatility and differing perspectives within the cryptocurrency community.
