Eric Balchunas, a senior Bloomberg ETF analyst, reacted to recent comments from Cardano founder Charles Hoskinson regarding Cardano’s position relative to Bitcoin and Ethereum.
Hoskinson made headlines again over the weekend following one of his Cardano supremacy takes. This time, he drew the attention of Balchunas, who questioned the feasibility of Hoskinson’s recent assertions before concluding that no one believed them.
Hoskinson Talks up Outgrowing Bitcoin and Ethereum
In a Friday pitch at the Cardano Summit, Hoskinson lauded the network’s progress in its seven years of existence. He stated that Cardano moved from nothing to an 11-figure network with millions of users and the largest research group in the world.
Hoskinson’s controversial comment came when he alleged that the Cardano network will “be larger than” Bitcoin and Ethereum in the next few decades. Notably, while he failed to clarify his position, the general consensus suggests the Cardano founder referenced size by market cap.
However, putting the Cardano network alongside the two crypto assets shows a massive disparity. For instance, Cardano occupies the 11th slot with a market cap of $12.8 billion, while Bitcoin and Ethereum sit at the top two slots, with 105 times ($1.35 trillion) and 25.6 times ($326.8 billion) Cardano’s cap.
Also, Bitcoin and Ethereum have seen massive institutional adoption. Both crypto assets have spot exchange-traded funds, with the product tied to the former, recording an inflow of over $20 billion.
Balchunas Says Aspiration Not Feasible
Reacting to Hoskinson’s comments, the senior analyst claimed that no one believes it will happen. Balchunas added that he wonders if the Cardano founder even believes in his projections, considering his timeline.
So clearly no one believes this will happen. Makes me wonder if he really believes what he’s saying.
— Eric Balchunas (@EricBalchunas) October 19, 2024
Notably, this conclusion came after Balchunas sought the thoughts of the crypto community on Hoskinson’s statement. In the tweet, he called the assertions a “pretty loft goal” and asked if there were chances it would happen.
Meanwhile, assertions from Hoskinson in this manner are not new to the crypto community. Earlier this month, the founder proclaimed that Cardano is still number one and no chain comes close.
Particularly, Hoskinson has hedged his recent supremacy belief on Cardano’s entrance into the community-driven, decentralized Voltaire era. For context, the Chang upgrade went live on September 1, ushering Cardano into an all-inclusive governance system.
The Cardano founder believes that the recent upgrade will attract a majority of governments in the world, who will run on the blockchain’s infrastructure in the next decade. Notably, it was on the premise of the new governance that he called Ethereum a dictatorship controlled by co-founder Vitalik Buterin.
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