Crypto Analyst Ben Armstrongknown as “Bitboy Crypto,” sparked controversy by declaring Cardano (ADA)And Dots (DOT)“death to institutions.” His brazen statement sparked a strong reaction from the crypto community, with many members vehemently opposing his critical remarks.
Analyst Declares Cardano and Polkadot Dead
In an X (formerly Twitter) job On July 3, Armstrong said that Cardano’s native token, ADA, and Polkadot’s token, DOT, were dead to institutions. The analyst suggested that major institutional investors are no longer considering ADA and DOT as viable or attractive crypto investment options.
This criticism could be attributed to the underperformance of Cardano and Polkadot in the cryptocurrency market in recent times. Reports from CoinMarketCap revealed that Cardano has crashed by 23.6% over the past month, with its price dropping significantly as market conditions turned bearish.
At the time of writing, the cryptocurrency’s trading volume is down 44.99%, highlighting investor interest. Demand for Cardano is fallingAdditionally, ADA is still trading below the $1 mark, at around $0.35.
On the other hand, POINT is trading at $5.85, reflecting a weekly decline of 5.09%. Cryptocurrency also fell significantly over the past month by 18.73%.
While criticizing the dominance of Cardano and Polkadot in the cryptocurrency market, Armstrong also noted that the lack of institutional interest in cryptocurrencies does not mean they will not experience occasional difficulties. pumps at prices and offer investors significant returns during bullish periods.
However, he suggested that this price increase would be relatively small, unlike other digital assets with stronger institutional support.
In a previous jobArmstrong revealed that the Polkadot team had reached out to him for a sponsorship. However, he couldn’t promote the cryptocurrency in “good conscience,” knowing that it was a “dying chain.”
The crypto community fights back
Armstrong’s remarks that ADA and DOT are dead for institutions have drawn widespread criticism and anger from Polkadot and Cardano Communities. A Cardano and DEX development enthusiast identified as “Dave” on X pushed back Armstrong’s statements, implying that they lacked merit and presented no technical facts.
To counter the analyst’s criticism of the ADA, Dave pointed out ADA’s strengthsrevealing that the blockchain has had 6.9 years of uninterrupted operation, employs a self-governance chainand has a real community with autonomous sovereignty. Additionally, he highlighted that Cardano is an energy-efficient and autonomous blockchain with a reliable cryptocurrency, ADA.
Another community member also defended Cardano and Polkadot, noting that both cryptocurrencies rank very well in terms of community engagement, similar to Bitcoin (BTC).
Additionally, a top Cardano whale with over 150,000 followers replied to Armstrong’s controversial remarks, noting that he found it amusing that the crypto analyst labeled the only two coins with robust governance mechanisms like “dead”.
The whale revealed that the success of Cardano and Polkadot was not only based on the community’s trust in cryptocurrencies, but on the fact that these altcoins were designed to outlast other cryptocurrencies in the space.
Featured image created with Dall.E, chart by Tradingview.com
