In response to the crypto community’s criticism towards Cardano, its founder Charles Hoskinson has once again taken a defensive stance. This time, he defended ADA against MicroStrategy CEO Michael Saylor. Saylor believes that Bitcoin will be the “only corporate asset in the world” and that nothing else described as “securities” will exist.
Charles Hoskinson Denies Saylor’s Claims
Michael Saylor emphasized that crypto assets like BNB, Solana, Cardano, and Ripple would not have spot exchange-traded funds and major Wall Street banks would not accept them. He even claimed that these altcoins would be classified as “securities” by this summer.
In his speech, Saylor stated, “If Ethereum is not approved this summer, it will clearly be considered a security rather than a commodity. I think assets like BNB, Solana, Ripple, and Cardano will be recognized as securities this summer. None will be linked to spot ETFs and will not be accepted by Wall Street. Bitcoin will emerge as the sole corporate asset.”
Charles Hoskinson sharply criticized the stance of MicroStrategy’s CEO. Hoskinson claimed that Saylor is a traditional “Bitcoin maximalist” who sees only Bitcoin as legitimate and labels other cryptocurrencies as fraudulent. Hoskinson summarized the situation with the following words:
“Bitcoiners: ‘Why is Charles attacking Bitcoin? Altcoins are very harmful.’
Bitcoin Maximalists: Only Bitcoin is legal and correct, everything else is crime and fraud.”
Support for Hoskinson
Komodo’s CTO, Kadan Stadelmann, expressed his agreement with Hoskinson’s stance. Stadelmann highlighted Saylor’s Bitcoin maximalism, noting that most other cryptos are actually securities. He particularly mentioned that creating securities, as Satoshi Nakamoto did with Bitcoin, is “really easy” but creating a commodity is much more difficult.
Stadelmann also added that the future is uncertain and no one knows what it will bring. However, it is important to acknowledge that major companies, such as BlackRock and Fidelity, are assessing the situation and applying to launch spot Ethereum ETFs. If the SEC rejects these applications, the companies might sue the regulatory authority on the grounds that similar products have been approved in futures markets.
