Hayes ignited the discussion by labeling Cardano (ADA) a “piece of sh.t” and a “meme coin,” prompting Hoskinson and the Cardano community to push back on this critique.

Cause ur coin is a piece of shit man. I like u too many regardless of the price of $ADA.

Just buy some $ETH and chill.

— Arthur Hayes (@CryptoHayes) February 20, 2024

Read Also: Cardano (ADA) to Reach $1 Before Bitcoin Halving? Analyst Weighs In

Hayes’ Critique: Lack of Utility in Question

Hayes’s argument centers around Cardano’s perceived lack of utility. In a post on X, He highlights prominent decentralized applications (dApps) within the crypto space, showcasing functionalities like decentralized exchanges (DEXs), liquid staking, NFT marketplaces, and infrastructure projects.

He then challenges Cardano (ADA) enthusiasts to identify similar dApps built on Cardano or offering heavily utilized Cardano-based services.

For all you $ADA believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, looks like none of them do. That's why $ADA is dog shit. @IOHK_Charles pls educate me.

Yachtzee pic.twitter.com/riQORI6Ipy

— Arthur Hayes (@CryptoHayes) February 21, 2024

Cardano Community Responds

This claim, however, is met with strong opposition from the Cardano community. Liqwid Labs, a non-custodial lending protocol on Cardano, emphasizes its contributions, including developing Aave v3 liquidity pools alongside Lido liquid staking. Additionally, it highlights innovative DeFi products from other teams, showcasing a growing ecosystem.

Similarly, Minswap Labs, a Cardano-based DEX, points to its impressive 2023 figures, exceeding 2.1 million trades and processing over 4 billion ADA. It asserts that these milestones represent only a fraction of the ongoing expansion within the ecosystem.

Hoskinson Seeks Clarification

Charles Hoskinson, responding directly to Hayes, expresses both surprise and disappointment. He acknowledges his admiration for Hayes but seeks clarification on the specific reasons behind the harsh criticism.

While Hayes reiterates his negative assessment, Hoskinson persists, urging him to pinpoint the exact aspects of Cardano he finds unfavorable. This call for specific details remains unanswered by Hayes at the time of writing.

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Read Also: Here’s the Projected Timeline For Cardano (ADA) To Reach $1

Assessing Cardano’s Roadmap

It’s crucial to consider the broader context when evaluating such critiques. While Cardano is still under development, with its smart contract functionality launched in September 2021, its roadmap outlines ambitious goals for the future.

On the other hand, established players like Ethereum boast a more comprehensive range of existing dApps. Therefore, a direct comparison might not be entirely fair, given the different stages of development.

Ultimately, the exchange between Hayes and the Cardano community highlights the dynamic nature of the cryptocurrency landscape. While differing opinions and passionate debate are inevitable, fostering open and constructive dialogue remains vital.

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However, Arthur Hayes, co-founder of BitMEX, suggests that there are more reasons behind Bitcoin’s resurgence. He shared these reasons in a post on X.

Read Also: BitMex Co-founder Says Crypto Holders Are About to See Biggest Bull Market In History. Here’s why

Runaway Inflation

Hayes points to runaway inflation as one of the most critical factors influencing Bitcoin’s growth. The pandemic and the financial policies adopted to fight it forced many countries into fast-rising inflation. Many quantitative easing measures and stimulus packages were employed to fight inflation.

Although these were initially deemed necessary, they have inadvertently created an environment where people’s income cannot keep up with the inflation rates. The inflation has caused increased interest in cryptocurrencies like Bitcoin, which many experts see as a hedge against inflation.

Rumors of a “Bald Man” ETF

Hayes also mentions the “bald man” ETF rumor. This intriguing rumor has been making the rounds in the crypto market, with no confirmed details. That has not stopped it from capturing the attention of the entire market, with some speculating that the bald man might be Coinbase CEO Brian Armstrong.

The mere prospect of such an ETF has generated excitement and speculative interest in the cryptocurrency market. The power ETF announcements have in the current market can be seen in the spike in Bitcoin’s price after a recent rumor of a BlackRock ETF approval.

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Read Also: BitMex Co-Founder: Ethereum (ETH) To Skyrocket By 1,556% in AI-Powered Economy –Here’s the Timeline

The Makings of a Bull Market

The final factor listed by Hayes is an impending bull market. Bull markets come with optimistic sentiment, growing investor confidence, and an overall positive outlook for the asset class. Bitcoin has recently demonstrated its resilience as an asset.

Institutional interest, regulatory developments, and the broader adoption of cryptocurrencies have collectively contributed to this optimistic market sentiment. As such, investors now see Bitcoin as a long-term store of value and a potential asset class in its own right.

Bitcoin is trading at $34,198, down 0.6%% in 24 hours and 20% in the past 7 days. It is up by almost 31% in the past month and is expected to keep rising. Bitcoin’s current rise is the result of multiple factors contributing to its remarkable growth.

These elements, in conjunction with Galaxy Digital CEO Mike Novogratz’s belief that ETFs will be approved this year, could send Bitcoin even higher before the end of the year.

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As implied by the crypto veteran in a Wednesday tweet, BTC could touch $1,000,000 per coin given the rate at which the United States Federal Reserve is hiking rates. This represents a 3,500% increase for BTC from its price of $27,800, at the time of writing. 

According to him, the Feds Chair Jerome Powell would soon resort to reducing interest rates to battle the recession. 

More so, Hayes opined that this would introduce more liquidity to the crypto market and in turn, fuel the expected explosive BTC price rally. Also, he revealed his plans to accumulate more Bitcoin. 

The BitMEX co-founder wrote, “The faster Powell hikes, the faster he will have to cut. I will be buying all dips in $BTC. Thank you ser for more entry points.

BTC = $1mm

banktermfundingprogram = Yield Curve Control”

Notably, Hayes affirmed his $1,000,000 Bitcoin price prediction in another tweet today, showing how the Federal Reserve is kick-starting Yield Curve Control (YCC). 

When a government buys bonds to keep long-term interest rates at a specific target, this monetary policy is called Yield Curve Control.

The tweet read:

“Yellen starts off very slowly on the road to Yield Curve Control. Welcome to the start of financial repression. You can either be a sucker or a saint as far as your capital is concerned. Treat your capital well and it will treat you well. $BTC = $1mm”

Yellen starts off very slowly on the road to Yield Curve Control. Welcome to the start of financial repression.

You can either be a sucker or a saint as far as your capital is concerned.

Treat your capital well and it will treat you well. $BTC = $1mm pic.twitter.com/WMQ0HHAOW1

— Arthur Hayes (@CryptoHayes) March 24, 2023

Recall that following the collapse of Silicon Valley Bank and Silvegate, the Feds announced the injection of billions of dollars into the banking sector to salvage the crisis. Hayes believes this would further boost liquidity in the crypto market and possibly result in more green candles being printed.

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