- Crypto analyst Ben Armstrong, known as ‘Bitboy Crypto,’ has stirred controversy by asserting that Cardano (ADA) and Polkadot (DOT) are “dead to institutions.”
- Armstrong’s bold statements have elicited notable backlash from the crypto community, with many contesting his claims.
- Armstrong highlighted Cardano and Polkadot’s recent market underperformance as the basis for his assertion.
Crypto analyst Ben Armstrong triggers a heated debate in the crypto world by declaring Cardano (ADA) and Polkadot (DOT) as irrelevant to institutional investors.
Armstrong: Cardano and Polkadot Are ‘Dead to Institutions’
In a recent X (formerly Twitter) post on July 3, renowned crypto analyst Ben Armstrong labeled Cardano’s ADA and Polkadot’s DOT as “dead to institutions.” According to Armstrong, major institutional investors have lost interest in these cryptocurrencies, deeming them no longer attractive for significant investment. This drastic statement has sparked considerable debate within the crypto community, stirring both supporters and detractors.
Analyzing Market Underperformance
Armstrong’s critique is backed by the recent underperformance of both Cardano and Polkadot in the crypto market. CoinMarketCap data reveals that over the past month, Cardano has experienced a substantial 23.6% decline, with its trading volume plummeting by nearly 45%, signaling dampened investor interest. Currently, ADA is trading at around $0.35, well below the $1 mark. Similarly, Polkadot has seen an 18.73% drop in the same period, with its price standing at $5.85, reflecting a 5.09% weekly decline.
The Impact of Institutional Disinterest
Despite Armstrong’s assertions, he acknowledges that a lack of institutional interest does not preclude occasional price surges for ADA and DOT during bullish market cycles. However, he argues that these probable gains would be minor compared to digital assets with solid institutional backing.
Criticism from the Crypto Community
The crypto community has not taken Armstrong’s comments lightly. Both the Cardano and Polkadot communities have robustly defended their projects. Dave, a Cardano contributor on X, refuted Armstrong’s claims, pointing to Cardano’s over six years of uninterrupted operation, its self-governance model, and its strong community base. He emphasized that Cardano’s blockchain is energy-efficient and self-sustaining.
Defending the Future of ADA and DOT
Another supporter highlighted the strong community engagement for both cryptocurrencies, akin to Bitcoin. A prominent Cardano whale, with a significant following, mocked Armstrong’s statement, arguing that the robust governance mechanisms in both Cardano and Polkadot inherently positioned them to endure and even thrive over the long term.
Conclusion
The recent controversy stirred by Ben Armstrong’s bold assertions regarding Cardano and Polkadot underscores the highly polarized nature of the crypto community. While these cryptocurrencies have faced recent challenges, their proponents highlight strong features and community support that could drive future growth. Only time will reveal the ultimate trajectory of ADA and DOT amidst changing market conditions and investor sentiments.
