Cardano Founder "Bitcoin Degenerated into a Trash Coin" Venomous Remarks

▲ Bitcoin (BTC)

Charles Hoskinson, the founder of Cardano (ADA), criticized Bitcoin (BTC) for selling its soul to large capital and falling into technological stagnation, thereby degenerating into a worthless trash coin.

According to Bitcoinist, Hoskinson asserted, "Bitcoin has now entered the realm of trash coins." He argued that Bitcoin has abandoned its past innovative vision and transformed into a tool for the traditional financial system. He specifically pointed out that the nature of the asset was completely ruined after the approval of Bitcoin spot ETFs.

Hoskinson highlighted Bitcoin's inability to evolve or establish its own governance. He analyzed that Bitcoin has stopped technological development and remains stagnant. "Bitcoin is now nothing more than a speculative asset dominated by Wall Street," he emphasized. He expressed concern that large institutions are undermining the essential value of cryptocurrency, which is decentralization.

Hoskinson compared Cardano's governance model with Bitcoin, emphasizing Cardano's technological superiority. He explained that Cardano is building a user-centric decision-making system through the Voltaire era. In contrast, Bitcoin adheres to an outdated method where a few miners and institutional investors determine its direction. Hoskinson warned that Bitcoin could be expelled from the market like Netscape in the past.

Within the cryptocurrency community, Hoskinson's remarks have sparked a fierce debate. Bitcoin maximalists rebutted his claims, calling them provocative statements merely to promote his own project. However, some agreed with the view that Bitcoin's excessive integration into the institutional system could harm the ecosystem's diversity. A widening gap is observed between the asset's reliability as a store of value and innovation.

Bitcoin maintains its position as the top cryptocurrency by market capitalization and leads the market, but it cannot avoid criticism regarding its technological identity. Hoskinson's remarks illustrate the growing pains the virtual asset market experiences as it becomes financialized. As the philosophical conflict between each faction deepens, the competition for next-generation blockchain hegemony is expected to become even more intense.

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