Famous crypto commentator Ben “BitBoy” Armstrong has reiterated his belief that Cardano (ADA) is dead and incapable of yielding substantial returns for investors during this bull cycle.
Taking to X today, Armstrong clarified his previous statement that Cardano and Polkadot (DOT) are “dead” to institutional investors. He explained that by calling ADA and DOT lifeless assets in the eyes of institutions, he did not mean they would never experience price increases.
According to BitBoy, both tokens will likely see some gains during this bull cycle, but the yields would be modest compared to other assets he considers blue-chip.
I want to be clear. Recently, I said $DOT & $ADA are both dead to institutions. Which ultimately will lead to their death as legitimate investments.
This DOES NOT mean they won't pump and offer returns to investors in this bull run. They will. Returns will just be mid.
— Ben Armstrong aka BitBoy Crypto (@BenArmstrongsX) July 3, 2024
Cardano Army Reacts, Sees Inconsistencies
Notably, Armstrong’s commentary suggests institutions may have already written off Cardano and Polkadot as viable long-term investments, potentially limiting their chances for an explosive surge.
However, Armstrong’s latest assessment contradicts his previous bullish statements. Early this year, he boldly asserted that Cardano would attain an $11 value, which would amount to a profit of over 2,500% for investors. At press time, ADA trades at $0.4106.
Meanwhile, BitBoy’s criticism of Cardano has not gone unanswered by members of the ADA Army. Some question his objectivity and suggest that he may have ulterior motives, such as seeking attention from influential figures like Cardano founder Charles Hoskinson. Interestingly, Hoskinson declined BitBoy’s invitation to a discussion ADA in April.
Also, the co-founder of the Cardano-based project NEBULA argued that Armstrong’s view of ADA being dead to institutions holds no water. According to him, ADA never needed VC money to prosper, stressing that users run the network, not institutions.
Other community members pointed out inconsistencies in his labeling of crypto assets dead. X user Jude Mzr recalled when BitBoy called Solana (SOL) dead in late 2020 during the FTX fiasco. At the time, market participants fled Solana, and the price of SOL dumped hard.
Jude highlighted the irony of the situation, noting that now that Solana has significantly rebounded to rank just after Ethereum, driven by DeFi activities and meme coin sensations. Amid the comeback, pundits like BitBoy are once again touting SOL as a worthy investment despite previously writing it off.