Cardano Founder Faces Criticism Over Bitcoin Treasury Proposal

Charles Hoskinson, the creator of Cardano, recently proposed transforming $100 million worth of ADA from the Cardano treasury into Bitcoin and the USDM stablecoin. The post Cardano Founder Faces Criticism Over Bitcoin Treasury Proposal appeared first on FXcrypto News.

Cardano Creator Faces Criticism Over Bitcoin Treasury Proposal Charles Hoskinson, the founder of Cardano, just recently proposed converting $100 million worth of ADA from the Cardano treasury into Bitcoin and the USDM stablecoin. He accused Hoskinson of admitting that ADA cannot contend with Bitcoin long term. Associated article: Charles Hoskinson Defends $100M ADA-to-Stablecoin Strategy Amid Community Concerns Over Market Impact Furthermore, he compared Hoskinson’s strategy to a “speculative attack,” a term coined by Bitcoin advocate Pierre Rochard in 2014.

Cardano Founder Faces Criticism Over Bitcoin Treasury Proposal Charles Hoskinson, the creator of Cardano, just recently proposed converting $100 million worth of ADA from the Cardano treasury into Bitcoin and the USDM stablecoin. He accused Hoskinson of admitting that ADA cannot contend with Bitcoin long term. Associated post: Charles Hoskinson Defends $100M ADA-to-Stablecoin Plan Amid Community Concerns Over Market Impact Additionally, he likened Hoskinson’s plan to a “speculative attack,” a term coined by Bitcoin advocate Pierre Rochard in 2014. Influencer Sunny Decree accused Hoskinson of following a pattern to promote a project, pre-mine the token, sell it, and buy Bitcoin. Michael highlighted the irony of Bitcoin’s creator never selling BTC for altcoins, while Hoskinson proposes doing the reverse.

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