Cardano (ADA) Can Fall Another 90%, Adam Back Predicts

Cardano Faces Criticism from Bitcoiners, Including Blockstream CEO

Adam Back, CEO of Blockstream and a prominent Bitcoin advocate cited in Satoshi's influential white paper, has predicted a potential 90% decline in the price of Cardano's native token, ADA.

Hoskinson's Comments Ignite Controversy

The criticism stems from comments made by Charles Hoskinson, CEO of Input Output Hong Kong (IOHK), developer of Cardano. Hoskinson predicted a gradual decline of Bitcoin due to its conservative developer community and compared its potential fate to that of Microsoft if it fails to innovate. He has also criticized Bitcoin's lack of programmability.

Market Trends Indicate Challenges for Cardano

Despite Hoskinson's bullish predictions, market data suggests otherwise. Cardano currently holds an insignificant 1% share of Bitcoin's market capitalization, a stark contrast to its 10% share three years ago. It has also fallen out of the top 10 cryptocurrencies by market cap, now ranking 12th behind Dogecoin, Tron, and Toncoin.

Chang Hard Fork Fails to Boost ADA Price

The highly anticipated Chang hard fork, touted by Hoskinson as a major milestone, has not resulted in a significant price surge for ADA. This has further dampened bullish sentiment surrounding the cryptocurrency.