Anatoly Yakovenko, co-founder and CEO of Solana Labs, has voiced his objections to the concept of altcoin projects holding Bitcoin, emphasizing that they should focus on safer assets.
Anatoly Yakovenko's Stance on Bitcoin Holdings
Yakovenko stated that he doesn't understand why anyone would want a team to manage Bitcoin when users can do this themselves. "This is so dumb… Why would anyone want a team to buy and hold bitcoin for them when they can do it themselves? Why pay for all those coconuts," he said on social media.
Charles Hoskinson's Proposal
Hoskinson proposed converting $100 million in ADA into Bitcoin and stable assets. He believes that this decision will not significantly impact Cardano. "If that program is successful, then we can actually continue that strategy on an annualized basis," he said.
Analysis of Reaction to Bitcoin Holdings Proposal
Some analysts expressed confusion over Cardano's decision to elevate the role of Bitcoin. "Subpar altcoins ditching their own assets to build a BTC treasury was not on my 2025 bingo card," commented Jeff Park, head of alpha strategies at Bitwise Invest.
Discussions about holding Bitcoin by altcoins continue to be relevant. With varying opinions from figures like Yakovenko and Hoskinson, market participants persist in challenging concepts around asset management in the cryptocurrency space.
