Arthur Hayes lashes out at Cardano: ‘It’s a shitcoin, a wannabe Ethereum’

-->Arthur Hayes, co-founder of BitMEX, recently strongly criticized Cardano (ADA), labeling it a “shitcoin” and a “wannabe Ethereum” that will likely fade into irrelevance. During an interview with Coin Bureau published on Sunday, Hayes wondered about Cardano’s unique advantage over its competitors, asking rhetorically, “Who cares? Zero?”

Hayes’ comments about Cardano caused an uproar online, especially from Charles Hoskinson, the network’s founder. When Hoskinson asked Hayes why he was discrediting Cardano, Hayes’ blunt response was: “Because your coin is worthless, man. Just buy some ETH and relax.”

Cause ur coin is a piece of shit man. I like u too many regardless of the price of $ADA.

Just buy some $ETH and chill.

😘😘😘😘😘😘😘

— Arthur Hayes (@CryptoHayes) February 20, 2024

Cardano, like Ethereum, is a smart contract platform intended for the development of decentralized applications. It was one of the first rapidly growing proof-of-stake cryptocurrencies, meaning the network is secured with cryptocurrency instead of energy. Despite this, Cardano lags behind competitors such as Ethereum, Solana and Binance Smart Chain (BSC), both in market size and in total value locked in DeFi.

Hayes is known for his outspoken support of Bitcoin (BTC) and Ethereum (ETH) and his interest in small cryptocurrencies for short-term trading. What was striking was his positive attitude towards the memecoin “dogwifhat”, which he described as “the best dog money of this bull cycle”. He also expressed his love for Rare Pepe’s and predicted a resurgence in trading volume in NFTs.

Hayes expands on this point by publishing a list of the world’s most popular Dapps and asking which of them have become the most popular on the Cardano blockchain. According to him, the answer is: none of them. This reinforces his position that ADA is worthless.

Nevertheless, Hayes remains optimistic about Bitcoin, expecting a price increase due to money creation by the Federal Reserve. He has predicted that Bitcoin will reach between $750,000 and $1 million by the end of 2026. That’s quite far away, both in terms of time and price of BTC.

Despite the controversy, the crypto world remains divided with strong opinions and loyalties, and Hayes’ sharp commentary only adds to the dynamic and sometimes unpredictable nature of this sector. Whatever the future may bring, the crypto community remains a hotbed of debate.