Crypto Analyst Calls Cardano, Polkadot Dead; Community Fires Back

Crypto analyst Ben Armstrong, popularly known as ‘Bitboy Crypto’ has ignited controversy by declaring Cardano (ADA)and Polkadot (DOT), “dead to institutions.”

Crypto analyst Ben Armstrong, also known as ‘Bitboy Crypto,’ has sparked controversy by declaring that Cardano (ADA) and Polkadot (DOT) are “dead to institutions.” His statement has garnered strong reactions from the crypto community, with many members expressing opposition to his critical remarks.

In an X (formerly Twitter) post on July 3, Armstrong stated that ADA and DOT were dead to institutions, indicating that major institutional investors no longer find these cryptocurrencies to be viable or attractive investment options.

This criticism could be linked to both Cardano and Polkadot's recent underperformance in the crypto market. According to CoinMarketCap, Cardano has crashed by a significant 23.6% over the past month, experiencing major price drops as market conditions turned bearish.

At the time of writing, the cryptocurrency's trading volume has decreased by 44.99%, highlighting investors' decreasing demand for Cardano. Notably, ADA is still trading below the $1 price mark, at around $0.35.

Meanwhile, DOT is trading at $5.85, showing a weekly price decrease of 5.09%. The cryptocurrency has also dropped significantly over the past month, with a price decrease of 18.73%.

While criticizing Cardano and Polkadot's presence in the crypto market, Armstrong also mentioned that the lack of institutional interest in these cryptocurrencies does not rule out the possibility of occasional price pumps and returns for investors during bull runs.

However, he suggested that these price increases would be minimal compared to other digital assets with stronger institutional backing.

In a previous post, Armstrong mentioned that the Polkadot team had approached him for a sponsorship. However, he stated that he couldn't promote the cryptocurrency in good conscience, knowing that it was a “dying chain.”

Armstrong's remarks about ADA and DOT being dead to institutions have drawn criticism and strong reactions from both the Polkadot and Cardano communities on X.

A Cardano development and DEX enthusiast, known as ‘Dave’ on X, countered Armstrong's statements, suggesting that they lacked substance and failed to provide any technical facts.

To counter the analyst's criticism of ADA, Dave highlighted the strengths of ADA, stating that the blockchain has had 6.9 years of continuous operation, a self-governance chain, a real community with self-sovereignty, energy efficiency, self-sustainability, and a sound cryptocurrency.

Another community member also defended Cardano and Polkadot, highlighting that both cryptocurrencies, like Bitcoin (BTC), rank highly in terms of community engagement.

A prominent Cardano whale with over 150,000 followers also responded to Armstrong's controversial remarks, stating that he found it funny that the crypto analyst would label the only two coins with robust governance mechanisms as “dead.”

The whale mentioned that the success of Cardano and Polkadot was not merely based on the community's faith in the cryptocurrencies but on the fact that these altcoins were designed to outlast others in the crypto space.

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