A crypto analyst named Ben Armstrong, also known as “Bitboy Crypto,” has stirred up a hornet’s nest by claiming that Cardano (ADA) and Polkadot (DOT) are “dead to institutions.” This bold statement has sparked a fierce backlash from the crypto community, with many users defending their favorite coins.
Bitboy Crypto Calls Out Cardano and Polkadot
Armstrong, in a recent post on X (formerly Twitter), declared that Cardano and Polkadot are no longer considered viable investments by major institutional players. He attributed this to their recent struggles in the crypto market.
Cardano, for example, has seen a significant price drop of 23.6% over the past month, and its trading volume has plummeted by nearly half. Polkadot hasn’t fared much better, with a 18.73% decline over the same period.
While acknowledging that both coins might experience occasional price surges during bull markets, Armstrong believes these increases will be relatively small compared to other cryptocurrencies with stronger institutional support.
The Crypto Community Fights Back
Armstrong’s comments have been met with fierce opposition from both the Cardano and Polkadot communities.
One Cardano developer and DEX enthusiast, known as “Dave” on X, refuted Armstrong’s claims, highlighting Cardano’s strengths, such as its 6.9 years of uninterrupted operation, self-governance, and strong community. He also emphasized Cardano’s energy efficiency and sustainability.
Another community member defended both Cardano and Polkadot, pointing out their high levels of community engagement, comparable to Bitcoin.
A prominent Cardano whale with over 150,000 followers also responded to Armstrong’s criticism, finding it ironic that he would label the only two coins with robust governance mechanisms as “dead.” This whale emphasized that Cardano and Polkadot’s success is not just based on community faith, but on their design to outlast other cryptocurrencies.
The Debate Continues
The debate over Cardano and Polkadot’s future continues, with Armstrong’s controversial statement igniting a passionate discussion within the crypto community. Only time will tell if these coins can overcome their recent struggles and regain the trust of institutional investors.
