Cardano creator Charles Hoskinson dismisses criticism of $ ADA market cap

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Cardano (ADA) founder Charles Hoskinson dismissed criticism of cryptocurrency market capitalization after briefly overtaking Binance Coin (BNB) to become the third largest cryptocurrency by market cap.

Cardanos’ price exploded over 1,400% last year and is now trading above $ 2.17 based on available data, in part because it is launching a network upgrade soon that will roll out smart contracts.

ADAUSDT chart via TradingView

Bringing smart contracts to Cardano will allow the cryptocurrency to compete with other networks such as Binance Smart Chain and Ethereum and potentially capture some of the interest surrounding the decentralized finance (DeFi) space.

The performance of cryptocurrencies has drawn criticism on social media from various personalities.

It seems like one of the biggest scam projects out there has been unable to ship or deliver a project and is constantly trying to hijack the narratives and fool people like in Africa.

Mark Moss (@ 1MarkMoss) August 14, 2021

While Hoskinson apparently ignored most of the tweets, he responded to one. After investor Andrew Steinwold wondered why Cardano is now the third-largest cryptocurrency by market cap and if there are things built on Cardano that people are using, billionaire Invest Mike Novogratz, CEO of Galaxy Digital, replied that it was a mystery to him.

When a user asked if Novogratz had conducted research, the CEO replied that he had spoken to twenty of the smartest people he knows in space, and none of them saw Cardano having of success with developers. [developers].

Responding to the exchange, Hoskinson dismissed the criticism by suggesting that Novogratz spoke to bankers associated with the mainstream financial world who did not see the value of cryptocurrencies in general.

Here I can correct this statement for you Mike: “I’ve spoken to twenty of the smartest bankers I know in space, and none of them have seen cryptocurrencies have a pull” us have all heard that one

Let’s go back to his tweet every year. We’ll be calling August 15th, Mike’s recording day https://t.co/sax18Fe7XX

Charles Hoskinson (@IOHK_Charles) August 15, 2021

As CryptoGlobe reported, Novogratz said last month that he thought Cardano was a strange cult. In response, Hoskinson said Novogratz’s words came because he did not see a back door to price favorably or manipulate the market like the rest of the VC coins. Either way, fair, transparent, community-led cryptocurrencies are cults. I will remember it Mike.

Earlier this month, Hoskinson confirmed that after Alonzo hard fork smart contracts will be available on the cryptocurrency network, and added that over time, the infrastructure on Cardano will only improve. .

DISCLAIMER The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading crypto-assets carries a risk of financial loss.

IMAGE CREDIT Featured ImageviaUnsplash

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