Charles Hoskinson, the Cardano founder, responded to criticism from a Bitcoin advocate, challenging claims about integrity and questioning Michael Saylorâs BTC purchase practise.
Charles Hoskinson, CEO of IOG, has again found himself at the center of a heated discussion in the crypto community. This time, the debate surrounds a statement made by Chetan Kaul, a Bitcoin advocate. Kaulâs remarks, posted on X, contrasted the leadership of Bitcoin with other cryptocurrencies, leading to an exchange between him and Hoskinson.
They never explain the low integrity part. They never explain the high integrity part. They worship a guy who literally just borrows money to buy Bitcoin. So much progress changing the economic, political, and social systems of the world.
Welcome to a cult https://t.co/SgYI3rqwLu
â Charles Hoskinson (@IOHK_Charles) October 3, 2024
Criticism and Community Response
For context, the conversation began when Kaul shared a post comparing Bitcoinâs ambassadors with those of other crypto projects, which he dubbed shitcoins. He stated that Bitcoin, as âhigh integrity money,â attracted high integrity ambassadors like Michael Saylor, while âlow integrity shitcoinsâ attracted figures like Charles Hoskinson.Â
This comment ignited responses, including from Hoskinson himself, who questioned the definition of integrity used in Kaulâs argument. Hoskinson pointed out that Bitcoin advocates often fail to explain what constitutes low or high integrity. He further criticized Saylorâs financial strategy of borrowing money to buy Bitcoin.
MicroStrategy BTC Purchase Behavior
MicroStrategy, under the leadership of Michael Saylor, has consistently positioned itself as one of the largest institutional investors in Bitcoin. The firm currently holds a total of 252,220 bitcoins as of September 20, 2024.
According to the latest data, the company made two significant purchases recently, acquiring 18,300 bitcoins for $1.11 billion on September 13, followed by 7,420 bitcoins for $458.2 million on September 20. These acquisitions bring their total expenditure to approximately $9.91 billion at an average purchase price of $39,292.18 per bitcoin.
Community Joins Conversation
In addition to Hoskinson, other community members joined the debate, defending his contributions to the Cardano blockchain. One notable comment highlighted Cardanoâs decentralization and security, emphasizing the contrast between Cardanoâs technological advancements and Saylorâs use of tradfi systems to purchase Bitcoin.
Kaulâs retort to these defenses remained focused on his disdain for what he called âshitcoins,â doubling down on his stance that Bitcoin remains superior.
Meanwhile, Hoskinson has always argued Cardanoâs superiority. In a previous interview with Altcoin Daily, he discussed Cardanoâs potential to surpass Bitcoin. He argued that Cardanoâs community-driven approach and its ability to adapt rapidly could position it as a leader in the cryptocurrency space.Â
Cardano Founderâs Recognition at ETH10X
This recent exchange comes shortly after Hoskinson received recognition at the ETH10X event in Switzerland. The event, which celebrated the 10th anniversary of Ethereumâs founding, acknowledged Hoskinsonâs role in developing Crypto Valley.Â
Alongside seven other Ethereum co-founders, Hoskinson was honored for his contributions to blockchain innovation. The ETH10X event highlighted the impact Ethereum has had on the global blockchain industry, particularly in establishing Zug as a central hub for the sector.
Input Output Global, the blockchain engineering firm Hoskinson co-founded, released a statement underscoring the importance of the event and Hoskinsonâs involvement. During the ceremony, Hoskinson expressed his appreciation for the recognition and acknowledged the significance of Crypto Valleyâs growth over the past decade.
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