BitMEX Co-Founder Arthur Hayes Calls Cardano a “Shitcoin”
In a recent interview with Coin Bureau, BitMEX co-founder Arthur Hayes criticized Cardano (ADA), referring to it as a “shitcoin” without purpose or advantage over its competitors. Hayes dismissed the cryptocurrency, stating that it is the first wannabe Ethereum and will likely become irrelevant. Known for his bullish stance on Bitcoin and Ethereum, Hayes expressed interest in small-cap cryptocurrencies for short-term trading during the interview.
Hayes’ Controversial Comment
Hayes’ statement about Cardano stirred up controversy, particularly with the network’s founder, Charles Hoskinson. Hoskinson questioned why Hayes was throwing shade at Cardano, to which Hayes simply replied, “Cause your coin is a piece of shit man. Just buy some ETH and chill.”
What Sets Cardano Apart?
Cardano is a smart contract platform similar to Ethereum, designed for decentralized application development. It gained popularity as one of the first well-developed proof-of-stake cryptocurrencies, using crypto instead of energy to secure its network. However, many blockchains now utilize this mechanism, including Ethereum which is undergoing a major upgrade in 2022 to adopt proof of stake. Despite its market size and DeFi TVL, Cardano is still overshadowed by competitors like Ethereum, Solana, and Binance Smart Chain (BSC).
In response to Hayes’ criticism, he challenged Cardano’s lack of popular Dapps originating or gaining traction on its blockchain. According to Hayes’ observations, none of the world’s most popular Dapps seem to have originated or gained popularity on Cardano’s platform.
Hot Take: Bitcoin Bullishness
While Hayes may be critical of Cardano, he remains bullish on Bitcoin. He expects the Federal Reserve’s money printing to drive up Bitcoin’s price in the near future. Hayes previously predicted that Bitcoin would reach between $750,000 and $1 million by the end of 2026.
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