The crypto community has seen quite a number of debates about cryptocurrencies, with the most recent debate related to the IOHK-backed Cardano (ADA / USD) cryptocurrency.
Two crypto billionaires, Galaxy Digital founder Mike Novogratz and Cardano founder Charles Hoskinson argue over ADA’s viability. The battle of words began after the former questioned the Cardano rally.
Are you looking for quick news, hot tips, and market research? Then sign up for the Invezz newsletter today.
Novogratz had previously tweeted that it was “a mystery” to him that ADA was in 3rd place in the top 10 ranking of cryptocurrencies by market capitalization.
He added that all of the smart people he spoke to about ADA’s position share his opinion. According to him, none of them at Cardano have seen any progress when it comes to developer activity.
Novogratz sparked further controversy
Hoskinson responded to these comments, accusing Novogratz of collaborating with bankers. He also stated that the latest statement from the former Goldman Sachs executive was inconclusive.
Novogratz sparked further controversy in June when he compared the Cardano community to a “strange sect”. Community members responded to this, but it appears the billionaire has sparked another controversy.
In March, Hoskinson recommended Novogratz ADA when encouraging him to invest in this asset. Novogratz has been very committed to Bitcoin (BTC / USD) and Ethereum (ETH / USD) and doesn’t seem to be enthusiastic about Cardano. His company Galaxy Digital also invested in Bitcoin and announced the addition of the crypto asset to its balance sheet earlier this year. But before his romance with Bitcoin, Novogratz was a real Wall Streeter.
Novogrätz not alone
In addition to Novogratz, ADA was also criticized by other Bitcoin proponents. The cryptocurrency has always been ridiculed by Bitcoin and Ethereum proponents for not having a smart contract function like Ethereum. But Cardano is on the verge of addressing this flaw as the platform introduces a smart contract functionality called “Alonzo”.
Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,
67% of retail investor CFD accounts lose money