Mike Novogratz attended the Bitcoin 2021 conference in Miami and shared his thoughts on the market on the sidelines of the event.
One of the standout comments was that Cardano was overrated and that the project created a kind of “Cult Following”. Now Charles Hoskinson has responded, arguing that Novogratz is simply upset that he cannot pull the strings with ADA like he does with other “VC coins.”
In an interview with Yahoo Finance, the billionaire investor Mike Novogratz stated,
” And so things like Cardano, it shocks me, the valuation. And it shocks every smart developer I know. They have done something to create this weird cult. And those things don’t die easy.”
Didn’t make our full interview, but Mike Novogratz is also on the list of smart people who remain shocked by Cardano’s valuation:
— Zack Guzman (@zGuz) June 12, 2021
His comments were not well received in the Cardano community. Hoskinson, the Cardano founder called out the Wall Street veteran, claiming that the outburst was just motivated by his need to control Cardano.
He’s saying that he doesn’t see a backdoor to get in at a favorable price or manipulate the market like the rest of the VC coins. Somehow fair, transparent, community-led cryptocurrencies are “cults”
Charles Hoskinson Tweeted:
Let me translate the billionaire speak for you guys. He's saying that he doesn't see a backdoor to get in at a favorable price or manipulate the market like the rest of the VC coins. Somehow fair, transparent, community led cryptocurrencies are "cults" I'll remember that Mike https://t.co/NksbE1JWsf
— Charles Hoskinson (@IOHK_Charles) June 13, 2021
Hoskinson mentioned some of the things that make Cardano an outstanding crypto, stating:
we have five million students in Ethiopia, thousands of assets issued on Cardano, a nice DApp ecosystem brewing for smart contract launch, a new VC model with catalyst, huge community.