Cryptographer Ben Armstrongpopularly known as “Bitboy Crypto” has sparked controversy with its announcement. Cardano (ADA)And Dotted (DOT)“Dead to the establishment.” His brazen remarks sparked a backlash from the crypto community, with many members strongly opposing his critical remarks.
Analyst Declares Cardano and Polkadot Dead
In X (formerly Twitter) mail On July 3, Armstrong declared that Cardano’s native token, ADA, and Polkadot’s token, DOT, were dead to institutions. The analyst noted that large institutional investors no longer considered ADA and DOT as viable or attractive investment options in cryptocurrencies.
This criticism can be attributed to the poor performance of Cardano and Polkadot in the cryptocurrency market recently. Reports from CoinMarketCap revealed that Cardano down Gold prices have fallen by a whopping 23.6% over the past month, with significant price declines as market conditions turned bearish.
As of the time of writing, the cryptocurrency’s trading volume has dropped by 44.99%, confirming investor interest. Cardano demand is lowMoreover, ADA stock is still trading below $1 at around $0.35.
On the other side, a point It is trading at $5.85, reflecting a weekly decline of 5.09%. Cryptocurrencies also fell. Significantly Over the past month by 18.73%.
While Armstrong criticized the rise of Cardano and Polkadot in the crypto market, he also noted that the lack of institutional interest in cryptocurrencies does not mean they will not experience an occasional dip. Price pumps It provides investors with significant returns during periods of upswing.
However, he noted that this price increase would be relatively small, unlike other digital assets that have stronger institutional support.
Earlier mailArmstrong revealed that the Polkadot team had approached him for sponsorship. However, he could not promote the cryptocurrency “in good conscience” because he knew it was a “dying chain.”
The crypto community responds
Armstrong’s comments about the death of the Americans with Disabilities Act and the Department of Transportation for businesses have received significant criticism and anger from both Polkadot and Cardano CommunitiesA Cardano and DEX development enthusiast identified as “Dave” on X to reject Armstrong’s statements, meaning they lacked merit and did not provide any technical facts.
In response to the analyst’s criticism of ADA, Dave highlighted: Strengths of ADArevealing that the blockchain has had 6.9 years of continuous operation, and uses Self-Government Seriesand has a true self-sovereign community. Additionally, he emphasized that Cardano is an energy-efficient, self-sustaining blockchain with a trusted cryptocurrency, ADA.
Another member of the community also has defend Cardano and Polkadot, stressing that both cryptocurrencies rank high in terms of community engagement, similar to Bitcoin (BTC).
In addition, a prominent Cardano whale has over 150k followers. She replied In response to Armstrong’s controversial remarks, he said he found it amusing that a cryptocurrency analyst would rank the only two coins as Strong governance mechanisms “As “dead”
The whale revealed that the success of Cardano and Polkadot was not only based on the community’s faith in cryptocurrencies but on the fact that these altcoins were designed to outlast other cryptocurrencies in the space.
Featured image created using Dall.E, chart from Tradingview.com