Cardano (ADA) Founder Receives Backlash for Bitcoin Comment

Tuur Demeester, known as one of Bitcoin's strongest advocates, criticized Cardano founder Charles Hoskinson.

Cardano founder Charles Hoskinson talked about Bitcoin in a recent video and sparked a backlash.

In his criticisms of Bitcoin, Hoskinson gave the message that the cryptocurrency industry does not actually need Bitcoin. The Cardano founder suggested that a new digital gold that is more secure than Bitcoin may emerge in the future.

Can it replace Bitcoin?

Hoskinson compared Bitcoin to Windows, which cannot keep up with the usage rates of iOS and Android. He said that Bitcoin can maintain its wallet share but may lose its innovation in the meantime.

The Cardano founder stated that Bitcoin could slowly die if it does not innovate.

Responded to Hoskinson

However, Demeester pointed out that Cardano has experienced a serious decline in market dominance in the last three years. Cardano has fallen from 10 percent of Bitcoin’s market cap to just 1 percent during this period.

According to CoinGecko data, Cardano (ADA) is no longer among the top 10 cryptocurrencies by market cap.

ADA, once among the top cryptocurrencies alongside Bitcoin and Ethereum, has now fallen by 89.2 percent from its record peak in September 2021