Adam Back, the Blockstream CEO and a prominent figure in the Bitcoin community, has made a bold and alarming prediction about Cardano (ADA). According to Back, ADA, the native token of the Cardano blockchain, could see its price plummet by as much as 90%. This forecast comes amidst a heated debate within the cryptocurrency space, particularly in light of recent comments from Cardano’s founder, Charles Hoskinson.
Charles Hoskinson’s Controversial Remarks
Recently Charles Hoskinson, the CEO of Input Output Hong Kong (IOHK), has stirred controversy with his critical views on Bitcoin. Hoskinson suggested that Bitcoin could decline slowly if its developer community remained too conservative. He compared Bitcoin’s potential fate to Microsoft’s if it fails to innovate, highlighting what he perceives as Bitcoin’s lack of programmability. The Bitcoin community has not received this commentary well, with Back’s prediction being one of the more dramatic responses.
Cardano’s Market Struggles
Back’s prediction comes at a time when Cardano is struggling in the market. Cryptocurrency has fallen significantly from its previous heights. As noted by Bitcoin advocate Tuur Demeester, Cardano’s market cap has dwindled to just 1% of Bitcoin’s, a sharp drop from the 10% it held three years ago. This decline is mirrored by its fall from the top 10 cryptocurrencies by market cap, where it now sits in 12th place, trailing behind Dogecoin (DOGE), Tron (TRX), and Toncoin (TON).
Cardano Update failed to Impress
The Chang hard fork was anticipated to be a significant event for Cardano, with expectations that it would boost the cryptocurrency’s price. However, the reality fell short of these expectations. Despite Hoskinson’s promotion of the hard fork as a major milestone for the industry, there was no substantial price increase following its implementation. This has led to skepticism about Cardano’s future potential and effectiveness in driving market value.
Adam Back’s prediction that Cardano could fall by 90% reflects his broader concerns about the cryptocurrency’s viability and market position. Back’s critique underscores significant worries within the crypto community regarding the sustainability and prospects of various blockchain projects compared to established leaders like Bitcoin and Ethereum.
Comments