Cardano founder Charles Hoskinson has fired back at recent claims made by prominent crypto influencer Ben Armstrong, also known as BitBoy, regarding the future of ADA and its appeal to institutional investors.
On Wednesday, Armstrong took to X, stating that he believes both DOT and ADA are no longer appealing to institutions, which he predicts will undermine their legitimacy as investments.
“Recently, I said DOT and ADA are both dead to institutions. Which ultimately will lead to their death as legitimate investments. This DOES NOT mean they won’t pump and offer returns to investors in this bull run. They will. Returns will just be mid,” wrote Armstrong.
However, Hoskinson swiftly responded, highlighting what he sees as a fundamental misunderstanding of cryptocurrencies’ original purpose. He remarked that the goal of cryptocurrencies was to replace traditional institutions, not to seek their approval.
“I guess I got to learn the banjo to make Ben happy,” Hoskinson tweeted sarcastically.
This exchange marks the latest in a series of criticisms from Armstrong toward Cardano. In April, Armstrong had declared Cardano “dead” in a video, comparing it unfavorably to ecosystems like Solana, Sui, and Toncoin, which he claimed had surpassed Cardano in terms of user activity and price dynamics. Hoskinson responded then, emphasizing the industry’s susceptibility to short-term narratives and the influence of “carnival barkers.”
The criticism hasn’t been limited to Armstrong. In February, former BitMEX CEO Arthur Hayes also disparaged ADA calling it “DOG Shit” while questioning the utility and adoption of decentralized applications on the Cardano network.
Nevertheless, despite the harsh critiques, the Cardano community has remained supportive of Hoskinson and his vision. Following the latest development, many users praised him for staying true to the foundational principles of cryptocurrency.
“While some may believe institutions are the key to legitimacy, the true power of crypto lies in its ability to disrupt and innovate beyond traditional systems. Let’s keep pushing for a decentralized future that empowers individuals over institutions.” One community member tweeted
Notably, even notable crypto analyst Vanessa Harris, who has been critical of Cardano’s governance structure, has recently apologized to the Cardano community for her harsh criticism, acknowledging that it created a combative environment. In a tweet on July 2, she expressed her intention to support the community now, stating she will hold her ADA investment and allow the ecosystem to develop.
Meanwhile, the latest developments come as ADA faces challenges amid a broader crypto market downturn, primarily driven by fears of massive Bitcoin sell-offs by miners, the German Government, and potentially by Mt. Gox creditors.
Notably, despite maintaining relative stability over the past 30 days, ADA has lost its market cap position to Dogecoin (DOGE), dropping to 10th place. ADA was trading at $0.38 at press time, reflecting a 4.87% decline over the past 24 hours.
