Cardano and Polkadot Labeled ‘Dead Coins’
Crypto influencer Ben Armstrong, known as BitBoy Crypto, recently declared that Cardano (ADA) and Polkadot (DOT) are “dead” coins. Armstrong expressed his views on social media, emphasizing that these tokens no longer hold institutional appeal. In a YouTube video from April, he claimed that ADA’s current situation is different and questioned the value of holding onto ideals while portfolios suffer losses. Armstrong argued that ADA’s poor performance is due to its lack of institutional backing compared to tokens like Ethereum (ETH) and Solana (SOL).
Hoskinson’s Response
Charles Hoskinson, the founder of Cardano, responded to Armstrong’s comments, arguing that the original purpose of cryptocurrencies was to replace institutions, not seek their validation. Hoskinson’s post sparked a debate within the crypto community, with many users supporting his perspective. They emphasized that the success of decentralized chains should not hinge on centralized entities’ investments. Some users pointed out that if Satoshi Nakamoto had shared Armstrong’s logic, the crypto industry would not exist today.
Community Reactions
The crypto community had mixed reactions to Armstrong’s statements. While some agreed with his view that institutional investment is crucial, others defended Cardano’s ethos of decentralization. Cardano supporters highlighted the project’s focus on users and its commitment to decentralized finance (DeFi), arguing that Cardano has not strayed from its original vision.
Institutional Appeal vs. User-Centric Focus
Armstrong reiterated his stance on social media, claiming that ADA and DOT are “dead to institutions” but clarified that this does not mean they won’t see price increases during the bull run. He suggested that the returns on these tokens would be moderate. In response, Hoskinson humorously noted that he might need to learn to play the banjo to satisfy Armstrong, underscoring the absurdity of seeking institutional approval.
BitBoy’s Changing Opinions
Armstrong’s recent criticism of ADA contrasts sharply with his previous bullish stance. Six months ago, he predicted that ADA could rally by 2,500% to reach $11. This sudden shift in opinion has raised questions about the motivations behind his comments. Critics suggest that Armstrong’s negative remarks may be driven by personal reasons rather than an objective assessment of Cardano’s potential.
Cardano’s Community-Driven Approach
Hoskinson and other Cardano proponents continue to emphasize the importance of serving the community over seeking institutional investment. They argue that Cardano’s strength lies in its commitment to decentralization and innovation, which attracts developers and users alike. Despite the criticisms, Cardano remains focused on its mission to build a robust, user-centric blockchain ecosystem.
