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Adam Back, the Blockstream CEO and a prominent figure in the Bitcoin community, has made a bold and alarming prediction about Cardano (ADA). According to Back, ADA, the native token of the Cardano blockchain, could see its price plummet by as much as 90%. This forecast comes amidst a heated debate within the cryptocurrency space, particularly in light of recent comments from Cardanoâs founder, Charles Hoskinson.
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Charles Hoskinsonâs Controversial Remarks
Recently Charles Hoskinson, the CEO of Input Output Hong Kong (IOHK), has stirred controversy with his critical views on Bitcoin. Hoskinson suggested that Bitcoin could decline slowly if its developer community remained too conservative. He compared Bitcoinâs potential fate to Microsoftâs if it fails to innovate, highlighting what he perceives as Bitcoinâs lack of programmability. The Bitcoin community has not received this commentary well, with Backâs prediction being one of the more dramatic responses.
Cardanoâs Market Struggles
Backâs prediction comes at a time when Cardano is struggling in the market. Cryptocurrency has fallen significantly from its previous heights. As noted by Bitcoin advocate Tuur Demeester, Cardanoâs market cap has dwindled to just 1% of Bitcoinâs, a sharp drop from the 10% it held three years ago. This decline is mirrored by its fall from the top 10 cryptocurrencies by market cap, where it now sits in 12th place, trailing behind Dogecoin (DOGE), Tron (TRX), and Toncoin (TON).
Cardano Update failed to ImpressÂ
The Chang hard fork was anticipated to be a significant event for Cardano, with expectations that it would boost the cryptocurrencyâs price. However, the reality fell short of these expectations. Despite Hoskinsonâs promotion of the hard fork as a major milestone for the industry, there was no substantial price increase following its implementation. This has led to skepticism about Cardanoâs future potential and effectiveness in driving market value.
Backâs Concerns and Predictions
Adam Backâs prediction that Cardano could fall by 90% is rooted in his broader concerns about the cryptocurrencyâs viability and market position. Backâs critique reflects a more significant concern within the crypto community about the sustainability and prospects of various blockchain projects, particularly when compared to established leaders like Bitcoin and Ethereum.
How do you see Adamâs prediction on Cardano, will you alter your portfolio or stick to ADA?Â