- Arthur Hayes, co-founder of BitMEX, recently called Cardano a “shitcoin” and said it will likely fade into irrelevance as he sees no distinct advantage for it over competitors like Ethereum.
- Hayes criticized Cardano for being the “first wannabe Ethereum” and bluntly stated “who gives a fuck” about it when interviewed, despite it being a top 10 cryptocurrency.
- While down on Cardano, Hayes remains very bullish on Bitcoin in the long run, predicting it will hit between $750,000 and $1 million by the end of 2026.
Arthur Hayes, co-founder of BitMEX, recently called Cardano a “shitcoin” and said it will likely fade into irrelevance. In an interview, Hayes described Cardano as “the first wannabe Ethereum and probably the first one to go to be irrelevant.” His comments have sparked some controversy in the crypto community.
Hayes’ Assessment of Cardano
Hayes did not hold back in his critique of Cardano, the top 10 cryptocurrency by market cap. He bluntly stated “who gives a fuck” when asked about Cardano in the interview. Hayes said he sees no distinct advantage or purpose for Cardano compared to competitors like Ethereum.
Cardano’s Unique Attributes
Like Ethereum, Cardano is a smart contract platform for building decentralized apps. It also popularized proof-of-stake, which uses less energy than the proof-of-work model Bitcoin uses. However, other major blockchains have since adopted proof-of-stake as well. In terms of market size and DeFi activity, Cardano trails networks like Ethereum, Solana, and Binance Smart Chain.
Hayes’ Broader Views
While down on Cardano, Hayes remains very bullish on Bitcoin in the long run. He expects strong money printing from the Fed to push Bitcoin’s price up substantially. Hayes has predicted Bitcoin will hit between $750,000 and $1 million by the end of 2026.
Conclusion
The crypto pioneer’s bold criticism of Cardano as a “shitcoin” reveals his bearish outlook on the network’s long-term prospects. However, only time will tell whether Cardano can carve out a sustainable niche and prove its doubters wrong. Hayes’ views highlight the ongoing debate around the purpose and viability of so-called “Ethereum killer” blockchains.
