Blockstream CEO Adam Back has joined a roster of market commentators who have slammed Cardano (ADA) after its creator, Charles Hoskinson, criticized the number one cryptocurrency, Bitcoin (BTC).
Back, one of crypto’s early pioneers forewarned that ADA could plummet another 90% from its current levels.
Hoskinson Speaks Disparagingly About Bitcoin
In a recent video that went viral on social media, Cardano’s Charles Hoskinson fired shots at Bitcoin, claiming that the crypto industry no longer needs it. Hoskinson forecasted that there could be another digital gold, which might even be more secure than BTC.
He likened Bitcoin to Windows, which failed to secure as much adoption as iOS and Android. Although the apex crypto is unlikely to suffer the loss of its wallet share, it could still kiss engagement and innovation goodbye. In the Cardano creator’s opinion, if Bitcoin fails to innovate, it could end up dying a slow, painful death.
This is not the first time Hoskinson, also a co-founder of Ethereum (ETH), has spoken negatively of Bitcoin. He previously said BTC can only perform limited tasks like transferring value from one person to another, and it lacks programmability. Furthermore, Hoskinson asserted in June that Cardano could unseat the benchmark crypto to become the world’s largest crypto by market cap.
Is Cardano Fading Into Obscurity?
Hoskinson’s comments did not sit well with Bitcoin proponents. Tuur Demeester, for instance, was quick to point out that Cardano now accounts for a measly 1% of Bitcoin’s market cap. For comparison, it stood at 10% just three years ago. Responding to Demeester, Adam Back suggested that ADA could collapse another 90%.
It can always fall another 90%
— Adam Back (@adam3us) September 2, 2024
Notably, ADA has crashed by 89.5% compared to its all-time high of $3.09 registered in January 2018. In addition, Cardano no longer holds a position on the top 10 crypto leaderboard after being booted out by Justin Sun’s Tron (TRX) and Toncoin (TON).
Despite Cardano successfully executing its enthusiastically anticipated Chang hard fork, the ADA price is yet to react positively despite Hoskinson previously touting it as the “most significant milestone in the history of Cardano.”
