Cardano (ADA) Can Fall Another 90%, Adam Back Predicts

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As a seasoned crypto investor with over a decade of experience in this ever-evolving digital landscape, I’ve learned to tread cautiously amidst the sea of promises and predictions that come with new projects. The recent exchange between Blockstream CEO Adam Back and Input Output Hong Kong (IOHK) CEO Charles Hoskinson has certainly piqued my interest.

In simpler terms, Adam Back, the CEO of Blockstream, has now joined other notable figures in the Bitcoin community in criticizing Cardano, following some remarks made by Charles Hoskinson, the CEO of IOHK.

The Bitcoin evangelist, who was famously cited in Satoshi’s highly influential white paper, has predicted that the price of ADA, the native token of the Cardano ecosystem, could collapse another 90%. 

In my exploration as a researcher, I’ve come across intriguing insights from Hoskinson that have sparked a buzz within the Bitcoin community. He posits that the sluggish innovation in Bitcoin’s developer community could lead to its gradual decline, drawing a parallel with Microsoft’s evolution. If Bitcoin fails to adapt and innovate, it might face a similar fate as Microsoft did when it lagged behind in the tech race.

Hoskinson has repeatedly criticized Bitcoin’s lack of programmability. 

In August, Hoskinson forecasted that Cardano might surpass Bitcoin and Ethereum, two cryptocurrencies that have dominated the market for some time.

Nevertheless, the market seems unfavorable towards Cardano as pointed out by Bitcoin champion Tuur Demeester. Notably, Cardano currently represents only 1% of Bitcoin’s total market value, whereas it held a significant 10% three years back.

Additionally, it’s worth noting that Cardano has dropped out of the top 10 cryptocurrencies in terms of market capitalization, now sitting at 12th place. Currently, it trails behind Dogecoin (DOGE), Tron (TRX), and Toncoin (TON).

The Chang hard fork, often seen as a major catalyst for ADA‘s price increase, failed to trigger a significant surge in its value. Surprisingly, this occurred even though Hoskinson emphasized it as a major achievement not just for ADA but for the entire cryptocurrency industry as well.

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2024-09-03 12:04