Crypto analyst Ben Armstrong, also known as ‘Bitboy Crypto,’ has sparked a heated debate by stating that Cardano (ADA) and Polkadot (DOT) are no longer attractive to institutional investors. This assertion has triggered backlash from the crypto community, with many members strongly opposing his comments.
Analyst’s Bold Statements
In a recent post on X, Armstrong proclaimed that both Cardano’s ADA and Polkadot’s DOT tokens are “dead to institutions.” This declaration hints at a lack of interest from major institutional investors in these cryptocurrencies as potential investment options.
The criticism leveled at Cardano and Polkadot may be linked to their recent underperformance in the cryptocurrency market. Cardano has experienced a significant 23.6% drop in value over the past month, while Polkadot’s value has also dipped by 18.73% during the same period.
Currently, ADA is trading below $1 at around $0.35, and DOT is trading at $5.85, with a 5.09% weekly decline. The dwindling trading volumes for both cryptocurrencies suggest a diminishing demand from investors.
While acknowledging that Cardano and Polkadot might still see price surges and generate returns during bullish trends, Armstrong believes these increases would be modest compared to assets with stronger institutional backing.
Armstrong previously declined a sponsorship offer from the Polkadot team, citing his reservations about promoting a “dying chain.”
Backlash from the Crypto Community
Armstrong’s statements have faced strong opposition from the Cardano and Polkadot communities. One Cardano supporter, ‘Dave,’ debunked Armstrong’s claims, emphasizing ADA’s strengths such as its long operational history, self-governance model, and dedicated community.
Other community members have defended Cardano and Polkadot, highlighting the strong engagement levels within their communities. A leading Cardano investor expressed amusement at Armstrong’s categorization of these coins with robust governance structures as “dead,” noting their resilience in the market.
