- Ben Armstrong, known as BitBoy Crypto, claimed that Polkadot and Cardano are no longer viable investments for institutions, leading to sharp rebuttals from the Cardano community.
- Supporters emphasized Cardano’s strong governance, active community, and technological strengths as key factors ensuring its ongoing viability and success.
On July 3, 2024, Ben Armstrong, also known as BitBoy Crypto, ignited controversy by declaring on social media platform X (formerly Twitter) that Polkadot (DOT) and Cardano (ADA) are no longer viable investments for institutions. Armstrong’s assertion suggested that the lack of institutional interest would ultimately undermine the legitimacy of these cryptocurrencies.
Armstrong, a prominent figure in the cryptocurrency space, rose to fame through his YouTube channel, which provided crypto education and investment advice. However, his career has been marred by various allegations and legal issues. In August 2023, he was ousted from his company, Hit Network, and more recently, he announced the discontinuation of his daily live streams due to financial and legal pressures.
The Community’s Fierce Response
Armstrong’s claims about Polkadot and Cardano quickly drew sharp rebuttals from the Cardano community. One community member found it ironic that Armstrong declared these projects as “dead” despite their robust governance mechanisms designed for long-term sustainability.
Another respondent highlighted Cardano’s extensive on-chain governance system, backed by a substantial fund and one of the most active communities in the crypto space. They argued that such engagement contradicts the idea that these projects are no longer viable.
Several community members dismissed Armstrong’s statement as unfounded and nonsensical. They emphasized that Cardano’s primary focus is on user adoption rather than venture capital funds, suggesting that real users and solid technology will eventually attract institutional investments. Another user criticized the mentality that a project’s value is solely determined by institutional interest, underscoring that cryptocurrency’s primary purpose is to serve people, not institutions.
Key Points of Defense
The Cardano community’s defense highlighted several key points:
- Governance Mechanisms: Cardano and Polkadot are praised for their strong governance frameworks, which ensure robust participation and adaptability. These mechanisms counter Armstrong’s claim that the projects are “dead.”
- Community Engagement: Cardano’s supporters emphasize the project’s active community, crucial for network success. Engaged communities drive adoption and innovation, making the project attractive to individual users and institutional investors.
- Technological Strengths: Cardano’s technological capabilities, such as energy efficiency, self-sovereignty, and proven uptime, are significant draws for users and institutions. These attributes contradict Armstrong’s assertions about the project’s viability.
- Institutional Interest: While Armstrong claimed that DOT and ADA are “dead to institutions,” community members pointed out that institutional interest is not the sole determinant of a project’s success. A strong network effect and real user adoption are equally, if not more, important.
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Armstrong’s comments sparked a vigorous defense from the Cardano community, underscoring the resilience and strength of the project. Despite Armstrong’s claims, the community’s passionate rebuttals highlight the enduring potential of Cardano and Polkadot in the evolving cryptocurrency landscape.
