Cardano’s founder, Charles Hoskinson, has responded to MicroStrategy’s CEO Michael Saylor’s claims that ADA is a security. Speaking during a Ask Me Anything (AMA) session held on July 15, Hoskinson said Michael Saylor could be compared to Tone Vayes in the current market situation.
Vayes became popular in the crypto industry for calling every other digital asset apart from Bitcoin a scam. According to Hoskinson, Saylor has taken Tone Vayes’s position with some of his utterances.
Hoskinson Says Cardano is More Decentralized Than Bitcoin
The Cardano founder said that the ADA token was more decentralized than Bitcoin.
Apart from that, he added that Cardano has more utility than Bitcoin. According to Hoskinson, BTC’s major utility is as a store of value.
Hoskinson continued that people who have been buying ADA do so to spend the token on various projects and not just to speculate -which many do with Bitcoin.
He wondered why Saylor would call a crypto asset with more use cases than Bitcoin security while refusing to label his favored coin security.
According to Hoskinson, arguing with Saylor about ADA would be counter-productive as Bitcoin maximalists are “the most difficult, toxic, and useless people to engage with.”
The Cardano founder warned that Saylor could go bankrupt if Bitcoin fails to regain its previous heights.
Saylor Thinks Other Digital Assets are Security
Saylor, in one of his recent interviews, said digital assets that have had initial coin offerings and hard forks are security. According to Saylor, assets like Ethereum and others should be classified as a security. Michael Saylor is a renowned vocal supporter of Bitcoin. His firm MicroStrategy purchased additional units of the asset deep into the crypto winter. In one of his recent tweets, he said it was only a matter of time before the world realizes that 1 BTC = 1 BTC.