Cardano Founder Jabs Bitcoin Maxis, Says They Worship a Guy Who Borrows to Buy BTC

Charles Hoskinson, the Cardano founder, responded to criticism from a Bitcoin advocate, challenging claims about integrity and questioning Michael Saylor’s 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. Kaul’s 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

— Charles Hoskinson (@IOHK_Charles) October 3, 2024

Criticism and Community Response

For context, the conversation began when Kaul shared a post comparing Bitcoin’s ambassadors with those of other crypto projects, which he dubbed shitcoins. He stated that Bitcoin, as “high integrity money,” attracted high integrity ambassadors like Michael Saylor, while “low integrity shitcoins” attracted figures like Charles Hoskinson. 

This comment ignited responses, including from Hoskinson himself, who questioned the definition of integrity used in Kaul’s argument. Hoskinson pointed out that Bitcoin advocates often fail to explain what constitutes low or high integrity. He further criticized Saylor’s 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 Cardano’s decentralization and security, emphasizing the contrast between Cardano’s technological advancements and Saylor’s use of tradfi systems to purchase Bitcoin.

Kaul’s retort to these defenses remained focused on his disdain for what he called “shitcoins,” doubling down on his stance that Bitcoin remains superior.

Meanwhile, Hoskinson has always argued Cardano’s superiority. In a previous interview with Altcoin Daily, he discussed Cardano’s potential to surpass Bitcoin. He argued that Cardano’s community-driven approach and its ability to adapt rapidly could position it as a leader in the cryptocurrency space. 

Cardano Founder’s 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 Ethereum’s founding, acknowledged Hoskinson’s role in developing Crypto Valley. 

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 Hoskinson’s involvement. During the ceremony, Hoskinson expressed his appreciation for the recognition and acknowledged the significance of Crypto Valley’s growth over the past decade.