Bitcoin Millionaire Criticizes Cardano as a 'Wannabe Ethereum': Here's What Happened

Cardano: A Wannabe Ethereum

Bitcoin millionaire Arthur Hayes has expressed his strong dislike for the Cardano blockchain, calling it a low-quality copy of Ethereum. In an interview, Hayes warned investors to stay away from altcoins that are all hype and no substance. He believes that these projects, which are “marketed too heavily,” often fail to survive in the market. Hayes described Cardano as the “first wannabe Ethereum” and stated that it needs to differentiate itself from other Ethereum competitors in order to remain relevant in the industry.

Spot Bitcoin ETFs Not a Win for Crypto

In addition to criticizing Cardano in the interview, Hayes also expressed his skepticism about Spot Bitcoin ETFs. While these exchange-traded products have been well-received, Hayes argued that they primarily benefit asset managers like BlackRock by generating fees.

Hayes Takes His Bashing to Twitter

Hayes continued to bash Cardano on his Twitter page, referring to the network as “dog sh*t.” He questioned the usefulness of the network’s decentralized applications (DApps), suggesting that they were not widely used by investors. Charles Hoskinson, founder of Cardano, responded in a lighthearted manner, asking why Hayes was throwing shade at Cardano.

Cardano Shows Strength

Despite the criticism, Cardano has been performing well with its Total Value Locked (TVL) increasing by 18% in the last month. It is now the 16th-largest network by TVL, surpassing Coinbase’s Base and Aptos.

Hot Take: Arthur Hayes Dismisses Cardano as a Wannabe Ethereum

Bitcoin millionaire Arthur Hayes has criticized the Cardano blockchain, referring to it as a low-quality copy of Ethereum. Hayes believes that Cardano needs to differentiate itself from other Ethereum competitors to remain relevant in the industry. He also expressed skepticism about Spot Bitcoin ETFs, stating that they primarily benefit asset managers like BlackRock. Despite the criticism, Cardano’s Total Value Locked has been increasing, making it the 16th-largest network by TVL. While Hayes continues to bash Cardano on social media, founder Charles Hoskinson responded in a lighthearted manner.