- Bitcoin developer Adam Back predicts Cardano (ADA) could fall another 90% following Charles Hoskinson’s criticism of Bitcoin.
- Despite backlash from the Bitcoin community, Hoskinson remains steadfast in his controversial views on Bitcoin’s shortcomings.
Bitcoin developer and Satoshi Nakamoto’s acquaintance Adam Back has joined the chorus of Bitcoin enthusiasts criticizing Cardano, predicting that ADA could plummet another 90%. This comes in the wake of Cardano founder Charles Hoskinson’s controversial comments on Bitcoin, suggesting it has deviated from its original vision and turned into a quasi-religion.
It can always fall another 90%
— Adam Back (@adam3us) September 2, 2024
Hoskinson’s Controversial Comments
Charles Hoskinson, known for his unabashed opinions, recently sparked backlash from the Bitcoin community. He claimed Bitcoin had lost its way and evolved more into a belief system rather than an innovative ecosystem, a remark that did not sit well with BTC proponents. Hoskinson frequently shares his thoughts on YouTube and social media, often clashing with other crypto leaders and communities.
This isn’t the first time Hoskinson’s outspoken nature has caused friction. Back in 2021, he compared Bitcoin to a high school football star whose glory days were long gone. He criticized Bitcoin for its long settlement times, low programmability, and lack of interoperability, arguing that it had little appeal in its current state. These comments have continued to fuel animosity from Bitcoin enthusiasts towards Hoskinson and Cardano.
The Bitcoin Community Strikes Back
One of the deepest lessons I've taken to heart over the past decade is that becoming a public figure means you turn into a human rorschach test where those who don't like you will take any post or comment and assume the worst possible interpretation.
— Charles Hoskinson (@IOHK_Charles) September 2, 2024
Working on Cardano this…
Adam Back, founder and CEO of Blockstream, is one of the most respected voices in the Bitcoin community. Known for his dedication to Bitcoin as the purest form of decentralized digital currency, Back rarely engages in online disputes. However, he recently took a strong stance against Cardano, echoing sentiments shared by other Bitcoin supporters.
Back, a renowned cypherpunk who was one of the first to receive an email from Satoshi Nakamoto, claimed that ADA could drop another 90%. His comments follow those of Tuur Demester, who noted that ADA’s market cap has significantly declined in comparison to Bitcoin over the years, from 10% to just 1%.
Hoskinson’s Resilience
Despite the ongoing criticism, Charles Hoskinson remains undeterred. In April, he once again took aim at Bitcoin, maintaining his position that it lacked innovation and practical utility. Hoskinson’s ability to maintain his stance amidst relentless scrutiny is a testament to his resilience and commitment to his vision for Cardano.
While the future of ADA remains uncertain, the debate between Bitcoin purists and supporters of alternative cryptocurrencies like Cardano highlights the ongoing ideological divides within the crypto community. As these discussions continue, the market will ultimately determine the validity and longevity of each project’s vision.
In the meantime, Cardano supporters can only hope that Hoskinson’s bold predictions and innovative aspirations will eventually translate into tangible success for ADA.
