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Home Crypto News Market Cardano Founder Smashes Mike Novogratz Says He Doesn't Understand Why VCs Hate...

Cardano Founder Smashes Mike Novogratz Says He Doesn’t Understand Why VCs Hate Cardano and Love LUNA

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Hoskinson wonders why VCs and crypto media outlets have not shown Cardano as much love as other altcoins.  

Cardano founder Charles Hoskinson has lamented the harsh treatment meted out on the popular blockchain network by Venture Capitalists (VCs) and cryptocurrency media outlets over the years.

Hoskinson took to the microblogging platform Twitter to air out his frustration over the lack of support the Cardano network has received from VCs and media outlets since the blockchain’s inception in 2017.

The Cardano boss’ comments come less than a week after Mike Novogratz, the CEO of Galaxy Digital Investments May 5, 2022, shared a tattoo of his arm depicting the Terra (LUNA) cryptocurrency with a comment that read:

“I’m officially a Lunatic!!!  Thanks, @stablekwon and thank you to my friends at Smith Street Tattoos.”

Hoskinson’s Reaction

Hoskinson did not initially care about the development. It took nearly a week before he reacted to the trending post-following reports of LUNA losing a significant percentage of its value amid investors’ lack of trust in the project.

Quoting Novogratz’s tweet earlier today, Hoskinson said:

“I’m always wondering why VCs and cryptomedia love certain alts and hate on Cardano. Just can’t figure it out…”

Charles’s comments came when LUNA has seen its value dip from a high of $69 to a low of $24 in the last 24 hours. At press time, LUNA is trading around $34 across major exchanges, representing a downtrend of 52.4% in the past day. Terra (Luna) suffered a monumental loss after its stable coin UST lost its 1 dollar peg and fell as low as $0.66, causing panic and giving investors grave losses.

Not New

Meanwhile, this is not the first time Hoskinson has expressed his anger toward Novogratz on the microblogging platform. Novogratz, a popular Bitcoin proponent, has been accused by members of the Cardano community of not having any love for the popular blockchain project.

Last year, Novogratz, in response to a crypto blogger’s call that the cryptocurrency community should learn about Cardano as the third-largest crypto by market capitalization, said the statement was a tough one.

The comment, which apparently angered the Cardano community, saw a user propose two options for Novogratz to either learn more about the project from his computer or simply visit a farm, adding that the Galaxy CEO unsurprisingly chose none.

Angered by the user’s comments, Novogratz tweeted in response:

“Not true. I spoke to twenty of the smartest people I know in the space, and zero of them saw Cardano having traction with devs.”

The back and forth exchange between Novogratz and members of the Cardano community did not seem to go down well with Hoskinson, who proposed a fix to the comment made by the Galaxy Digital CEO, as he stated:

“Here I can fix this statement for you Mike: “I’ve spoken to twenty of the smartest bankers I know in the space, and zero of them saw cryptocurrencies having any traction” 🙂 we all heard that one Let’s come back to his tweet every year. We’ll call August 15th, Mike check-in day.”

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.


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