Grayscale’s recent decision to reopen its XRP Trust for daily subscriptions has stirred up a storm of debate in the crypto world, with prominent figure BitBoy (Ben Armstrong) seizing the moment to reaffirm his controversial stance on Cardano (ADA). Armstrong’s latest comments underscore his long-held belief that XRP enjoys substantial institutional support, while Cardano is left in the dust.
Grayscale’s XRP Trust And Its Implications
Grayscale’s announcement is significant. The reopening of its XRP Trust for accredited individual and institutional investors signals renewed confidence in XRP. For Armstrong, this move is more than just a positive development for XRP; it’s a validation of his assertion that XRP holds serious institutional interest, which he believes is lacking for Cardano.
Armstrong’s conviction was further fueled by the fact that Grayscale had previously liquidated its Cardano holdings from its Digital Large Cap Fund to reinvest in XRP. This strategic shift, he argues, highlights a broader trend of institutional disinterest in ADA.
Armstrong’s Critique of Cardano
In his latest commentary, Armstrong did not hold back, describing Cardano as a “dead” crypto asset devoid of appeal to venture capitalists and institutional investors. He acknowledges that ADA might still generate some returns during the current bull run but insists that these will pale compared to other assets with stronger institutional backing.
This critique is not new. Armstrong had previously cast doubt on ADA’s long-term potential, and his recent comments only reaffirm his skepticism. His viewpoint gained traction after Cardano’s founder, Charles Hoskinson, declined to discuss the matter with him, citing Armstrong’s history of criticism.
The Cardano Response
Despite Armstrong’s assertions, Cardano supporters are fiercely defending their asset. Hoskinson has previously argued that cryptocurrencies, including Cardano, were designed to challenge traditional financial institutions rather than cater to them. He and other ADA proponents stress that Cardano’s focus has always been on community rather than venture capital.
The Cardano Army has also pointed out that Armstrong’s criticism may be rooted in personal bias rather than objective analysis. Some have even dismissed him as losing credibility within the crypto community, suggesting that his opinions should be taken with a grain of salt.
Also Read: Cardano (ADA) Whale Activity Soars To $6.08B – What’s Next For The Price Surge?
As Grayscale’s XRP Trust gains traction, it remains to be seen how this will affect the broader market dynamics and the perception of Cardano. While Armstrong’s comments have certainly sparked discussion, the crypto space is known for its rapid shifts and unpredictable trends.
In the end, whether XRP’s institutional backing or Cardano’s community-focused approach will prevail is a matter of ongoing debate. For now, Grayscale’s decision is a clear signal of growing confidence in XRP, while ADA supporters continue to champion their asset’s unique value proposition. As always, investors should stay informed and consider multiple perspectives before making investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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