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Bitcoin Whale Shifts 40,000 BTC Worth $4.26B After Over 14 Years of Dormancy

Elendu Benedict
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Bitcoin Whale Shifts 40,000 BTC Worth $4.26B After Over 14 Years of Dormancy

A whale has reawakened after over 14 years of dormancy, shifting billions worth of Bitcoin over multiple wallets to new addresses.

Amid Bitcoin’s trend near $110,000, three Satoshi-era whale addresses have resurrected. 

Notably, a whale which has been dormant for at least 14 years reawakened on Friday to shift billions worth of Bitcoin. The timing of the shift has created a buzz in the crypto community as enthusiasts continue to discuss who the diamond-handed entity might be.

HODL Experts Reawaken After Over a Decade

The spree started with wallet address “12tLs9,” which shifted 10,000 BTC worth early Friday by 03:43 (UTC). It moved the $1.09 billion worth of Bitcoin to the receiving address “1GcCk3,” Whale Alert identified.

Interestingly, on-chain data confirms that the wallet bought its Bitcoin stash for $7,792 in 2011, with its last transaction before now coming 14 years and 3 months ago. Today, it has emerged after three bull and bear cycles and achieved a staggering 1,402,861% return.

A few hours later, two more Satoshi-era wallet addresses reawakened. Whale Alert identified these eye-catching transactions in two parallel tweets, with each of the wallets’ past BTC purchases occurring at the same timeframe but at a slightly different price.

Addresses “1P1iTH” and “1CPazi” moved 10,000 BTC each after 14 years and 2 months. Notably, they respectively bought their bags at $34,023 and $34,016 in 2021. Notably, the former moved the funds at 12:39 (UTC) and the latter at 13:08 (UTC).

Here’s What Really Happened

Meanwhile, data from Lookonchain has provided further context to this random yet carefully timed Bitcoin shift. In a tweet, the market intelligence firm identified that these wallets belonged to a Bitcoin whale, who acquired 80,009 BTC in 2011.

Lookonchain noted that the whale distributed the bitcoins over eight different addresses. Two received 20,000 BTC in April 2011. At the time of the transfer, these 20,000 tokens were worth $15,600 at $0.78 each, but now they have appreciated to $2.18 billion.

Six other addresses received 60,009 BTC at an average price of $3.37 in 2011. Overall, the whale spent $202,000 to buy the entire stash then, but it has grown with Bitcoin’s price to $6.52 billion at the current market price.

Bitcoin Transfers Among Four Wallets Tied to Whale

Interestingly, the analysis shows that the Bitcoin OG moved 40,000 BTC from four of his eight wallets today. At the time of writing, the other four remained dormant.

The whale’s massive gains highlight the value of buying and HODLing Bitcoin as a long-term investment. Notably, Bitcoin has moved from under $1 back in 2011 to $109,000 today, with analysts suggesting it is still early to buy the premier asset.

XRP Critic Says XRP Is Going to 20,000 Per Coin

Abdulkarim Abdulwahab
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XRP Critic Says XRP Is Going to 20,000 Per Coin

Bitcoin author Jason Williams has entered the aggressive XRP price prediction discourse, though with a sarcastic tone.

He appears to be lending his voice to a growing narrative suggesting that XRP could increase in value by 10,000 times. Specifically, in a tweet on Thursday, Williams declared that XRP is going to 20,000 per coin.

With many naturally assuming he referred to $20,000, this aggressive projection would imply a 999,900% increase. However, while the tweet may initially seem bullish, Williams’ follow-up reveals he was actually mocking XRP’s outlook. This became clearer through his responses to comments under the post.

Mocking XRP Bullish Narrative

For example, when challenged by community members about the feasibility of XRP reaching $20,000 per coin, Williams shared an image showing that 20,000 Lebanese pounds equals just $0.22, stating, “It can happen [for XRP].”

This suggests that Williams was implying that XRP could fall in value to the equivalent of 20,000 units of a devalued currency, not rise to that amount in dollars. The comparison suggests that XRP will lose purchasing power, even against weak fiat currencies.

Essentially, Williams was projecting a fall in XRP’s value, not a price pump. His post appears to directly counter the audacious theory earlier promoted by game developer Chad Steingraber, who has laid out a case for XRP hitting $20,000 per coin under extreme institutional adoption.

Echoing Steingraber’s $20K XRP Theory

Last week, XRP community members resurfaced Steingraber’s 2022 “XRP to $20,000” theory. One of its core ideas is that if major financial institutions adopt XRP for cross-border settlements, the token’s value could skyrocket.

The theory outlines how institutional demand, tokenized banking systems, and supply absorption through private ledgers could reduce XRP’s public availability and drive extreme price appreciation.

According to Steingraber, retail trading today is merely a prelude. He envisions a global race among wealth funds and high-net-worth individuals to secure XRP as the foundation of a new financial system.

In parallel, he predicts a supply shock with public access dropping below 100 million XRP to spark panic buying and rapid price escalation.

However, critics like Williams view the proposition as wishful thinking rather than grounded economics. Accordingly, he argues that XRP might only reach “20,000” if it becomes as “valuable” as the Lebanese pound.

What’s XRP Market Cap at $20,000 Price?

As critics raise eyebrows over the $20,000 XRP prediction, it’s not the first bold forecast within the XRP community. Discussions around XRP reaching $10,000 have been more widespread.

For context, a hypothetical unit price of $20,000 for XRP while its supply remains unchanged would imply a market cap in the quadrillions. This exceeds the current global financial system’s capacity. 

XRP bulls often counter that market capitalization is a misleading metric. However, they have yet to present a widely accepted alternative that supports such a valuation.

Researcher Says XRP Volatility Could Drop Sharply Once This Happens

Sam Wisdom Raphael
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Researcher Says XRP Volatility Could Drop Sharply Once This Happens

Crypto researcher and XRP community member SMQKE claims XRP’s price volatility will drop significantly over time as demand rises. 

In a recent commentary, he pointed to an unnamed document that mentions how both Ripple and IBM have faced issues with how unpredictable crypto assets can be due to their penchant for higher volatility.

XRP Volatility to Drop as Demand Spikes?

According to the document, Ripple linked XRP’s volatility to the fast growth of its ecosystem and a surge in demand. However, the report claimed Ripple expects this sharp volatility to calm down as XRP use becomes steadier. 

It also said IBM has taken a different approach by trying to develop stable digital assets. The document described how stablecoin issuers back these assets to currencies like the dollar, euro, or pound, or even gold, so they would boast more price stability. 

XRP volatility
XRP volatility

It added that IBM wants to support cross-border transactions not only in fiat but also with digital currencies, including those used as bridge assets. Notably, this is something that could widen their practical use.

SMQKE’s latest disclosure built on a previous X post in which he referred to a 2022 paper by Alex Gerch, an Associate Professor at the University of Malta, titled Education and Blockchain. Specifically, the paper looked at how schools could accept tuition payments through blockchain networks. 

While most institutions still don’t accept crypto directly, Gerch explained that platforms like Ripple and Stellar could support transfers pegged to fiat values. SMQKE took this as a sign that XRP and Stellar’s XLM might eventually hold fixed values to make blockchain-powered payments easier and more predictable.

Circulating Claims of XRP Being a Stablecoin

Notably, several XRP community pundits have also argued that XRP was built to act as a stable bridge asset. Moreover, a November 2021 report from the World Bank controversially labeled XRP as a stablecoin, mainly because of its low transfer fees and quick settlement times of just a few seconds. 

Also, in a post from November 2024, well-known commentator WrathofKahneman, or WOK, made similar statements when he answered a question about why some individuals doubt XRP could yield substantial gains for investors.

He said XRP hasn’t moved much and trades in a narrow band, which makes it feel like a stablecoin at times. He explained that anyone hoping to profit from XRP needs to either trade it smartly or rely on broader adoption that pushes the price higher. However, he did not consider XRP a stablecoin, only that it sometimes behaves like one because of its slow price changes.

Some Disagree 

Importantly, not everyone in the XRP community agrees with the stablecoin classification. In February 2025, Panos Mekras responded to the debate, firmly stating that XRP could never be a stablecoin. 

Notably, XRP’s price is up over 300% since November 2024, dispelling the stablecoin claims. However, the price has stayed close to the $2 mark in recent months. 

Despite this, some analysts insist that this range shows natural market trends, as the market has reached a balance between buyers and sellers. Others believe XRP could break out sharply if selling pressure drops and demand keeps rising.

Expert Calls Bitcoin Price at $110,000 Undervalued

Mark Brennan
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Expert Calls Bitcoin Price at $110,000 Undervalued

A prominent market expert says Bitcoin price is undervalued at current levels, sparking debate on its future potential.

Bitcoin’s price has been steadily climbing in recent days, reaching a peak of over $110,300 on July 3. Currently priced at $108,691, Bitcoin has experienced a slight dip of -0.71% in the past 24 hours but has gained 1.65% over the last 7 days. 

This upward momentum in recent days has fueled discussions within the community, with notable crypto commentary provider Altcoin Daily taking a bold stance on the digital asset’s future.

Bitcoin Price at $110,000 is Undervalued

According to Altcoin Daily, Bitcoin’s current price level is “undervalued,” with the account suggesting that the cryptocurrency has substantial upside potential. 

The assertion that Bitcoin at $110K is undervalued has sparked debate among followers, particularly about the future direction of its price. Some community members are increasingly optimistic, with some commenters even predicting that Bitcoin could hit $1 million.

However, not all responses have been unequivocally positive. One commenter questioned the valuation, asking, “Undervalued at $110K? What fundamental analysis or metrics support this valuation?” 

Others remained cautious, arguing that the market has yet to confirm a breakout above $110,530 and warning that macroeconomic factors such as inflation and tariffs could continue to pose risks to Bitcoin price rally.

Altcoin Daily’s statement aligns with other experts on the social platform X. For instance, Crypto Rover asserts that Bitcoin is currently “undervalued,” also suggesting it has substantial upside potential.

Bitcoin Price Undervalued Crypto Rover
Bitcoin Price Undervalued | Crypto Rover

The analyst points to the rising global liquidity as a key factor driving Bitcoin’s price growth. With the increase in liquidity, Crypto Rover believes the Bitcoin price is poised for significant appreciation.

Previous Bullish Commentaries by Altcoin Daily

Notably, Altcoin Daily has been steadfastly bullish on Bitcoin. Just a few days earlier, the platform expressed confidence in Bitcoin’s long-term prospects, stating that when Bitcoin surpasses $150K, investors would look back at these times and regret not buying more when prices were lower. 

This sentiment echoes the platform’s continued optimism about Bitcoin’s future performance.

Exec Advises Buying Bitcoin

Meanwhile, Matt Hougan, Chief Investment Officer at Bitwise, has encouraged investors to buy Bitcoin, citing concerns raised by hedge fund manager Ray Dalio. 

Dalio warned about the U.S. government’s growing debt, which now exceeds $7 trillion in annual spending against $5 trillion in revenue. 

The national debt is surpassing the government’s income and each household’s share has reached $230,000. As a result, buying Bitcoin would be a hedge against future uncertainty.

Here’s Why This Expert Believes $10 for Cardano Is Realistic

Mark Brennan
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0
Here’s Why This Expert Believes $10 for Cardano Is Realistic

Dan Gambardello, a Cardano permabull and founder of Crypto Capital Venture, shared his experience while testing a prototype for an AI-powered system, predicting Cardano’s future price. 

In this test, he asked Zero a speculative question about scaling out and taking profits with a given set of data. Specifically, he asked how to scale out and take profits with a hypothetical scenario. The strategy provided by Zero was noteworthy, and Gambardello wanted to compare it with a similar answer he previously received.

Speculative Strategy for Exits and Profits

Gambardello posed the question about scaling out and taking profits with 1 million ADA tokens. In response, Zero provided a speculative exit strategy for Cardano, suggesting a 20% exit at $1.50, another 20% at $3.00, 25% at $5.00, and 20% at $8.00.

Interestingly, in a previous conversation with Zero, the target price went up to $8. This time, the AI gave a target price of $10 for Cardano, which represents a price increase of 1,605.32% from the current price of $0.5864. According to Zero, it would take the last 15% profit at a $10 price.

The $10 Target Question

Gambardello was curious about why Zero chose $10 as the target price for Cardano. He also wondered if the price target had something to do with the risk models, risk scores for ADA, or perhaps historical performance during the previous market cycle.

Zero provided an explanation, saying that it wasn’t suggesting that $10 is a definitive top for Cardano, but rather an example for building a scaling strategy. Zero emphasized that round numbers like $10 are significant in markets due to psychological anchoring—this is a well-known concept in trading psychology, where traders often gravitate toward round numbers as price points to set targets.

Zero further explained that the $10 price for Cardano would imply a market cap of $350 billion. For context, Bitcoin reached a market cap of $1.3 trillion during its 2021 peak, and Ethereum’s market cap reached $600 billion. So, for Cardano to reach a market cap of $350 billion would still be well below Ethereum’s peak market cap.

Historical Performance and Market Multiples

Zero mentioned that in the last cycle, Cardano went from a low of $0.02 to $3.10, which is a growth of 155x. In this cycle, the market low could be around $0.24, with a potential high of $10, representing a 41x increase. Zero considered this plausible as it is far less extreme than the previous cycle.

Gambardello also noted that he has consistently talked about $10 as a realistic target for Cardano, drawing comparisons to Ethereum’s performance in the last cycle. Gambardello was surprised that Zero was using similar reasoning in terms of historical growth multiples to arrive at a similar target.

Notably, the price of Cardano (ADA) currently stands at $0.5864. This represents a 3.03% decline in the last 24 hours but a 5.26% price increase over the past 7 days.

The US House Designates July 14-18 as “Crypto Week”

Elendu Benedict
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0
The US House Designates July 14-18 as “Crypto Week”

The US House members have declared the week of July 14 as “Crypto Week,” another pro-crypto act focused on driving digital asset innovation in America

French Hill, the chairman of the Committee on Financial Services, and GT Thompson, the chairman of the Committee on Agriculture, along with other key House leadership, endorsed this pro-innovation move on Thursday, July 3.

Consequently, the US House dedicated the week spanning from July 14 to 18 to comprehensively tackling crypto-related legislation. Among the primary agenda for the week are the CLARITY Act, the Anti-CBDC bill, and the US Senate’s GENIUS Act.

A Full Week Dedicated to Driving Crypto Innovation

After the US House of Representatives passed Donald Trump’s “Big Beautiful Bill” on Thursday, their attention has now turned to crypto bills. Through a coordinated effort by the US House GOP, the lawmakers have dedicated a whole week to deliberating on and passing legislation specific to the digital assets industry.

Crypto Week Agenda

Notably, in hindsight, not many would have foreseen this week coming. Barely a year ago, the United States repelled cryptocurrencies under the Joe Biden administration, with former US SEC Chair Gary Gensler in power.

Meanwhile, Trump is keeping to his promises of making America the crypto capital of the world. He recently called Bitcoin “amazing” and claimed he had built the crypto industry. Now, the latest US House announcement reflects that the crypto innovation push is now a national interest.

US House to Approve Multiple Crypto Bills in July?

The US House aims to pass the GENIUS Act, a stablecoin bill that has already passed in the US Senate. The bill aims to establish clear guidelines for dollar-pegged cryptocurrencies, projected to attract trillions of dollars into the US economy. Notably, Trump has passionately called on the House to expedite the bill’s delivery to him for final approval.

Furthermore, the House would also attempt to pass the CLARITY Act and quickly move it to the Senate. Remarkably, the bill has already passed a vote from both the Agriculture and Financial Services Committees and now requires full House support to pass.

Finally, the US House would deliberate on the Anti-CBDC Surveillance State Act, a bill that aims to prohibit the Central Bank from establishing a digital currency. The House Financial Services Committee approved the legislation with a slim 27-22 vote in April, keeping the proposal alive.

Meanwhile, several remarks followed the announcement, with several members of the House of Representatives expressing their optimism ahead of “Crypto Week.” Chairman Hill called the move a “historic step” to ensure that the United States remains the world’s leader in the crypto landscape.

“We are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards customers and investors,” he added.

Additionally, Senator Cynthia Lummis lauded the effort of Congress to capitalize on Trump’s friendly stance on digital assets. “For the first time in US history, we have a president who sees the value in embracing digital assets,” she stated.

Dogecoin to Jump to $0.42, $1.46, and $4 This Cycle: Expert

Elendu Benedict
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Dogecoin to Jump to $0.42, $1.46, and $4 This Cycle: Expert

A top market analyst has suggested that Dogecoin could repeat the success of its past cycle, pushing prices to higher prices.

Dogecoin, the largest meme coin by market cap, has yet to find its footing this cycle. With a stellar 5,000% and 20,000% price uptick in the previous two cycles, DOGE has been below par so far, according to its standards.

Meanwhile, Dogecoin has declined 13% over the past month and corrected by 14% in June. Despite a mild 4% gain over the past seven days, the meme coin leader has declined by a staggering 46% year-to-date, a clear sign that it is well within bearish territory despite Bitcoin’s success.

History Suggests a Rebound Is on Course

Nonetheless, Dogecoin enthusiasts have remained optimistic that it can still post a staggering upside this cycle. Fueling this expectation is a recurring pattern on its monthly chart that shows a glimpse of its previous price development.

Top analyst Trader Tardigrade highlighted this repeating pattern in a recent X post, asserting that it would significantly impact Dogecoin’s price. Specifically, he projected a rally to finally surpass the one-dollar price mark and reach new highs.

Importantly, an accompanying chart highlights this recurring pattern. According to the chart, Dogecoin trended atop an ascending trendline between 2015 and late 2017 before breaking out to price levels not previously seen.

Dogecoin to $4/Trader Tardigrade

Dogecoin made higher highs and higher lows with the trend, moving from $0.0001 to $0.0003, then broke out to reach $0.0026. Subsequently, DOGE consolidated from the high before a final push to close at $0.009 in December 2017.

Pattern Set to Push Dogecoin to $4

Trader Tardigrade highlighted that a similar pattern is forming on Dogecoin’s 1M timeframe. Notably, DOGE is currently trending along the ascending trendline after forming two sets of higher highs and higher lows, ranging from $0.059 to as high as $0.4846, before retracing to its current price of $0.167. Notably, all these happened from August 2023 up until now.

Meanwhile, the analyst expects the breakout phase to begin soon and highlighted three targets for Dogecoin. First, he predicts a price increment to $0.42, which is 151% away from the current price.

Next, he expects a jump to $1.46, marking a new all-time high for Dogecoin. From the current price, this represents a 774% increase.

Ultimately, he predicts that Dogecoin would reach an ambitious $4 by the end of this cycle, taking its market cap to approximately $600 billion. This represents a 2,295% uptick from DOGE’s present market price.

Interestingly, the analyst’s chart suggests that Dogecoin could continue its upward trend, similar to its performance in 2021, after completing the current pattern. His chart shows DOGE can reach a ridiculous $240 price per coin.

Remarkably, Trader Tardoigrade has a history of predicting ambitious targets for Dogecoin. He projected a rise to $4.5 and above in June and highlighted another recurring historical pattern on the DOGE chart that could propel a rally to $12.

Here’s How High Shiba Inu Price Could Rise If It Becomes Half as Big as Ethereum

Lele Jima
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Here’s How High Shiba Inu Price Could Rise If It Becomes Half as Big as Ethereum

If Shiba Inu grows to half the size of Ethereum, its price could soar to a new all-time high, offering significant returns for early investors.

Since its launch in August 2020, Shiba Inu has had close ties to the Ethereum blockchain. Specifically, SHIB is an ERC-20 token built on Ethereum, meaning it could benefit directly from any increase in ETH’s value.

This relationship is evident in the recent price movements of both assets. IntoTheBlock’s data shows that Shiba Inu has maintained a 78% correlation with Ethereum over the past 30 days. This is significantly higher than its 41% correlation with Bitcoin during the same period.

Shiba Inu correlation with Ethereum
Shiba Inu correlation with Ethereum

In the last 24 hours, both Ethereum and Shiba Inu have experienced price declines. ETH has dropped by 1.59%, while SHIB has fallen by 2.01%.

Shiba Inu’s Price If It Becomes Half the Size of Ethereum

Given Shiba Inu’s connection to Ethereum, The Crypto Basic estimated SHIB’s price if it were to grow to half the size of ETH. This scenario assumes that Shiba Inu’s market capitalization reaches 50% of Ethereum’s current value.

As of now, Ethereum is trading at $2,561 with a market cap of $309.27 billion. Half of this valuation equates to approximately $154.64 billion.

Meanwhile, Shiba Inu has a market capitalization of $6.9 billion and ranks as the 19th-largest cryptocurrency. SHIB is currently trading at $0.00001172, posting negative returns over the past day.

Meanwhile, if Shiba Inu’s market cap were to rise to $154.64 billion, it would represent a 2,141% increase from its current valuation. This would also surpass Jake Gagain’s $100 billion projection for Shiba Inu by 54.64%.

At a $154.64 billion market cap, SHIB’s price would reach $0.0002624, setting a new all-time high. At that price, 100 million SHIB tokens bought today for $1,172 would be worth $26,240, representing an ROI of approximately $25,000.

Potential Timeline for SHIB to Hit $0.00026

Reaching a $154 billion market cap or a unit price of $0.0002624 could be challenging for Shiba Inu due to its massive supply of 589.25 trillion tokens. Many critics argue that burning a significant portion of the supply is necessary for SHIB to reach such high price targets.

Nevertheless, some market analysts have disregarded these concerns and continue to forecast SHIB’s climb toward the $0.0002 range.

Crypto exchange Changelly predicts SHIB will hit $0.0002624 by April 2032, seven years from now. Meanwhile, the prediction platform Telegaon expects this target to materialize by 2028, two years earlier than Changelly’s estimate.

Notably, Telegaon’s forecast aligns with one made by ChatGPT. It also agrees that Shiba Inu could reach the $0.00026 mark by 2028, coinciding with the next Bitcoin halving.

Interestingly, a 2024 Forbes article suggested that Shiba Inu would climb to $0.0002624 this year, with a maximum target set at $0.0003. Additionally, analysts have speculated that SHIB could rise to $0.0002649 if it surpasses Tether (USDT) in global crypto rankings.

While this analysis presents an optimistic scenario for SHIB, it is intended solely to illustrate the token’s potential if it were to grow to half the size of Ethereum. There is no guarantee that Shiba Inu will achieve this milestone.

Buy XRP Before the US Treasury “Announces It”: Pundit Explains Why

Abdulkarim Abdulwahab
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0
Buy XRP Before the US Treasury “Announces It”: Pundit Explains Why

Alpha Lions Academy founder Edoardo Farina has sparked renewed speculation about XRP, urging his followers to buy the asset before the U.S. Treasury “announces it.”

Though he didn’t elaborate, the post adds to a growing list of bold claims Farina has made regarding XRP’s potential role in future U.S. financial infrastructure. His latest message builds on previous theories that the Treasury may have already acquired a significant portion of Ripple’s escrowed XRP through undisclosed agreements.

Ripple’s Growing Ties with US Financial Authorities

Farina’s warning comes just days after Ripple confirmed it has applied for a U.S. national bank charter. Ripple has also applied for a Federal Reserve master account through its affiliate, Standard Custody. Such access would allow Ripple to custody reserves for its dollar-pegged stablecoin, RLUSD, directly at the Fed.

The combination of a national charter and potential Fed access has fueled belief within the XRP community that Ripple is positioning itself at the center of a new financial system, one possibly tied to government-level infrastructure.

XRP Escrow Ownership Theories

Farina has long claimed that the XRP escrow, which currently holds over 37 billion XRP, may no longer be entirely under Ripple’s control. He suggests that global entities such as the U.S. Treasury, the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) may have acquired portions of the escrow through private agreements dating back to 2019–2020. However, this remains speculative.

Interestingly, Farina admitted there’s no verifiable on-chain evidence to confirm these claims. “I can’t present evidence for this, but I have strong reasons to believe it,” he said, a remark that has drawn mockery.

Nevertheless, Farina persists, arguing that the XRP Ledger cannot reveal the true beneficiaries of any potential NDA-bound arrangements. He continues to promote the narrative that the escrowed XRP could serve as a strategic reserve asset and that such moves are being made “silently.”

“The Announcement Will Change Everything”

Farina believes that a U.S. Treasury announcement, if it confirms any involvement with XRP, would be a game-changing moment for the asset’s valuation and legitimacy. His tweet suggests that insiders may already be aware of developments that have not yet been disclosed.

Still, this remains one of his many speculative theories. Farina hopes it will eventually be proven true. Notably, Ripple’s latest pursuit of a banking license has emboldened him. 

He recalls being called “crazy” in the past for suggesting that Ripple would become a bank, but recent developments now appear to align with his earlier predictions.

As a result, he continues to emphasize the potential for a U.S. Treasury announcement involving XRP.

Meanwhile, critics point out the speculative nature of such claims, rumors that have circulated within the XRP community for years without concrete evidence.

Yet for XRP enthusiasts, it’s one more reason to remain bullish. “You don’t know how big this is,” one commenter said.

Hoskinson Reacts to Claims of a Cardano Backdoor That Allows Government to Seize Users’ Tokens

Elendu Benedict
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0
Hoskinson Reacts to Claims of a Cardano Backdoor That Allows Government to Seize Users’ Tokens

Cardano founder Charles Hoskinson has reacted to claims that the government can seize users’ tokens by asking him to confiscate them.

The founder asked how this was possible in a tweet on Thursday, joining a heated debate between Bitcoin maximalists and altcoin enthusiasts. He was particularly drawn to the conversation when a user remarked that the government can censor or seize assets on Cardano through him.

“I’d love someone to explain to me”

Hoskinson sought further clarification on what the user meant when he claimed that the founder can censor or freeze assets on Cardano with a directive from the government. “I’ll wait,” he added.

Notably, the Bitcoin maxi’s comment came despite Cardano’s shift into a fully decentralized network in September. For context, the layer one blockchain implemented the Chang upgrade last September and entered the Voltaire era, a phase in its roadmap where power shifted to every Cardano holder, represented by stake pool operators (SPOs) and delegated representatives (dReps).

Prior to the upgrade, Hoskinson and other major stakeholders of the Cardano network burned their genesis key, which offered them unique access to the blockchain. As a result, Hoskinson’s reaction expressed his surprise that someone with an understanding of blockchain technology could make such comments.

Nonetheless, Hoskinson had earlier noted that it would take time for people to understand what had really happened on Cardano. He made the remark when a similar comment circulated in March. According to him, it would take years and strong media publicity for people to finally understand that Cardano is fully decentralized.

How It All Came About

The comment originated from a clip where Robinhood’s CEO, Vlad Tenev, noted it is time to move beyond Bitcoin and meme coins to real-world asset tokenization on the blockchain. This came after Robinhood launched a protocol that allows European users to trade American stocks directly on its platform.

A Bitcoin proponent, Breeadman, posted the video, triggering a debate within the crypto community. A user claimed that if RWA tokenization gains momentum, there would be no use for Bitcoin again.

Meanwhile, the debate on whether governments can seize Bitcoin emerged after Breadman claimed that governments can seize tokenized stocks but cannot confiscate self-custodied BTC. When some altcoin proponents clarified that the feature applies to all other cryptocurrencies, a comment emerged that the government could pressure Hoskinson and other founders to censor or confiscate users’ assets.

However, this is not possible on Cardano, following its fully decentralized feature. Hoskinson also clarified that there is no backdoor to Midnight, the forthcoming privacy-focused sidechain on the Cardano network.

Remarkably, several misconceptions are widespread regarding Midnight, particularly its data-privacy claims. Some speculate that law enforcement can access users’ information as part of Midnight’s regulatory compliance clause and can freeze users’ assets using the obtained details.

In truth, Midnight can provide enforcement agencies with access to data, but only after they follow the necessary legal processes. Nonetheless, this would be a selective disclosure that does not involve confiscating users’ assets.

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