Cardano is a shitcoin, says Arthur Hayes

According to Bitmex co-founder Arthur Hayes, Cardano (ADA) is a shitcoin. Yes, we are talking about one of the most popular altcoins, whose creator wants to overtake Ethereum. So why such a harsh assessment?

Cardano is a shitcoin

In an interview with Coin Bureau, Hayes said it bluntly: in his eyes, Cardano is shitcoin. He also made fun of the project's ambition.

The first would-be (new) Ethereum and probably the first (such project) to become irrelevant

– he said.

The latter must have been particularly painful for the creator of ADA, because he has great ambitions to leapfrog Ethereum.

Cardano is largely the brainchild of Charles Hoskinson, who also co-founded Ethereum. He left the project because he wanted to develop the project in a different direction than Vitalik Buterin. His Cardano has gained popularity for its innovative approach to blockchain technology. The problem is that, apart from interesting concepts, this project cannot boast of actual implementations. In other words, Hoskinson comes across as an interesting theoretician who is unable to sell his ideas to the real world.

What would make Cardano unique?

However, Cardano has potential. Like Ethereum, it is a platform for writing smart contracts and developing decentralized applications.

ADA's problem is that it is still among the giants: Ethereum, Solana and Binance Smart Chain (BSC). They take away the space for the project to develop. Poor marketing may also be to blame. For some reason Hoskinson is unable to develop his vision.

Bitcoin for a million USD?

Hayes also commented on bitcoin. In his opinion, the expected turn in Fed policy will lead to a jump in the BTC price. At the end of last year, he predicted that one bitcoin would cost between $750,000 and $1 million. And already in 2026.

For now, however, 1 BTC costs “only” USD 51,700. In turn, one ether currently costs USD 2,958 (an increase of 6% over 7 days).