Grayscale’s recent decision to welcome back an XRP Trust continues to attract mixed reactions, with commentators like Ben Armstrong, aka BitBoy, seeing an avenue to lash Cardano (ADA).
Reacting to Grayscale’s announcement, Armstrong reiterated his long-standing belief that XRP has institutional interests, whereas Cardano (ADA) “simply does not.” He views Grayscale’s reopening of the XRP Trust for daily subscriptions to accredited individual and institutional investors as confirmation of this belief.
Moreover, Armstrong noted that this marks the beginning of significant developments for XRP and expressed confidence that the XRP Army will ultimately prevail.
“Cardano is ‘Dead’ With No Institutional Interest”
Notably, BitBoy’s commentary builds on a previous claim where he cast doubt on ADA’s long-term price potential. In July, Armstrong reaffirmed that ADA is a “dead” crypto asset unattractive to venture capitalists.
He argued that ADA’s lack of institutional interest spells its demise as a legitimate investment. However, he acknowledged that ADA may still yield returns during this bull run, albeit smaller compared to other assets.
BitBoy reiterated this view after Cardano’s founder, Charles Hoskinson, declined to engage in a discussion with him, citing BitBoy’s history of criticism toward ADA.
Interestingly, in April, Grayscale liquidated its Cardano holdings in its Digital Large Cap Fund to reinvest the proceeds into XRP. This move further solidified BitBoy’s belief that institutional investors are losing interest in ADA.
As Grayscale reinstates its XRP Trust without a comparable move for Cardano, Armstrong sees it as further validation of his perspective.
Cardano Army Fires Back
However, ADA enthusiasts continue to challenge his claims. Hoskinson previously responded to BitBoy’s “ADA is dead to institutions” statement by emphasizing that cryptocurrencies were originally designed to replace traditional institutions, not cater to them.
Others argue that Cardano never relied on venture capital funding and instead focused on serving its community rather than institutional interests.
Some have even dismissed BitBoy, saying he has lost credibility in the crypto scene and that his opinion should be discarded.