The conflict initiated by Solana co-founder Anatoly Yakovenko centers around criticisms of altcoins investing in Bitcoin, particularly the recent plans of Cardano.
Yakovenko's View on Buying Bitcoin
Yakovenko did not hold back in his post on X, emphasizing that altcoin teams should not buy Bitcoin on behalf of their users. He stated: *"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?"* Instead of Bitcoin, he recommends that projects hold enough low-risk assets, such as U.S. Treasury bills, to cover three years of operational costs.
Cardano's $100M Bitcoin Plan
The drama ignited when Cardano co-founder Charles Hoskinson proposed converting $100 million worth of ADA into Bitcoin and stable assets. He remarked that this move would not harm Cardano's ecosystem; rather, it could help grow the treasury over time through yield. *"If successful, this strategy could create a stable floor for the ecosystem,"* Hoskinson noted, expecting a sustainable financial model. However, his embrace of Bitcoin raised eyebrows, given his previous challenges to Bitcoin's 'sound money' status.
Crypto Community Reactions
Hoskinson's proposal drew mixed reactions from the crypto community. For instance, Jeff Park from Bitwise Invest remarked: *"Subpar altcoins ditching their assets to build a BTC treasury was not on my 2025 bingo card."* Meanwhile, the DeFi platform Alva characterized Cardano's move as risky but potentially strengthening its position in decentralized finance. Traders remain cautious about a short-term dip in ADA, though some technical signals suggest a rebound may follow.
The back-and-forth between Yakovenko and Hoskinson highlights a growing divide in the crypto world: should altcoin projects lean into Bitcoin, or focus on building value with their own assets? The choices these projects make now could shape their long-term success and how investors view their role in the broader crypto ecosystem.
