Charles Hoskinson Denies Claims of Cardano (ADA) Being a Security

Cardano’s Founding Member Launches New Social Platform
  • Hoskinson likened Michael Saylor to Tone Vayes in the current market environment.
  • Cardano founder says ADA offers greater usefulness than Bitcoin does.

In response to MicroStrategy CEO Michael Saylor’s assertions that ADA is security, Cardano’s creator Charles Hoskinson has issued a statement. Hoskinson likened Michael Saylor to Tone Vayes in the current market environment during an AMA session on July 15th.

Throughout the crypto community, Vayes gained notoriety by deeming any digital asset other than Bitcoin a hoax. Hoskinson says Saylor has adopted Vayes’ perspective in several of his statements. According to the Cardano creator, ADA is a more decentralized kind of cryptocurrency than Bitcoin.

Bitcoin Maximalists Vs Remaining Digital Assets

In addition, he said that Cardano offers greater usefulness than Bitcoin does. According to Hoskinson, Bitcoin’s primary function is to serve as a store of value. He said that those who acquire ADA aren’t simply speculating like many Bitcoin investors but are using the tokens to fund different initiatives.

It puzzled him that Saylor would identify a crypto asset with more applications than Bitcoin as security but refuse to do the same for his favorite, Bitcoin. According to Hoskinson, arguing with Saylor about ADA would be pointless since “the most difficult, toxic and useless people to engage with” are Bitcoin maximalists.

He cautioned that Saylor might go bankrupt if Bitcoin fails to return to its former glory. Digital assets that have gone through initial coin offerings and hard forks, according to Saylor, are security. According to Saylor, assets like Ethereum and other digital currencies should be categorized as securities.

Michael Saylor is a well-known Bitcoin advocate. Additional units were acquired by his company MicroStrategy even in crypto winter. According to CMC, the live Cardano price today is $0.462410 USD with a 24-hour trading volume of $716,817,337 USD. Cardano has been up 6.37% in the last 24 hours. Bitcoin is trading around the $21.5k mark.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.