BitMEX co-founder Arthur Hayes recently stirred controversy by labeling Cardano (ADA) a “shitcoin” and predicting its eventual descent into irrelevance, citing its lack of purpose and competitive edge compared to other cryptocurrencies.
Hayes bluntly dismissed Cardano as a “wannabe Ethereum,” emphasizing its apparent lack of significance in the crypto space. Known for his bullish stance on Bitcoin (BTC) and Ethereum (ETH), Hayes expressed skepticism about Cardano’s long-term prospects during an interview with Coin Bureau.
In the interview, Hayes contrasted his dismissal of Cardano with his interest in meme coins like “dogwifhat,” which he referred to as the “best dog money of this bull cycle.” His remarks drew attention online, particularly from Cardano’s founder, Charles Hoskinson, who questioned Hayes’ criticism.
Responding to Hoskinson’s inquiry, Hayes reiterated his negative assessment of Cardano, advising investors to opt for Ethereum instead. Despite Cardano’s initial adoption of proof of stake consensus, Hayes argued that other blockchains, including Ethereum, have since embraced similar mechanisms, overshadowing Cardano’s uniqueness.
Highlighting the absence of prominent decentralized applications (Dapps) on the Cardano blockchain, Hayes further justified his stance, asserting that Cardano’s lack of significant contributions to the DeFi ecosystem renders it inferior to competitors like Ethereum, Solana, and Binance Smart Chain (BSC).
In contrast, Hayes remains bullish on Bitcoin, anticipating a surge in its price due to increased money printing by the Federal Reserve. He reiterated his earlier prediction of Bitcoin reaching between $750,000 and $1 million by the end of 2026, emphasizing its resilience amid economic uncertainties.