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- #Over 100 Companies Hold Over 830,000 BTC#
According to reports as of June 19, more than 100 companies collectively hold over 830,000 BTC, worth about $86.476 billion.
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Solana Founder Anatoly Yakovenko Blasts Rival Altcoin: "What They Did is Stupid"
Solana Labs co-founder Anatoly Yakovenko harshly criticized the proposal to buy Bitcoin from Cardano's treasury.
The proposal presented by Cardano's founder Charles Hoskinson on June 13 includes the conversion of 100 million dollars worth of ADA coins in the Cardano treasury into Bitcoin and stablecoins. However, Yakovenko stated that this idea is "very foolish," arguing that this decision shows the treasury is poorly managed and sends a wrong message to the Cardano community.
According to Yakovenko, it is sufficient for projects to keep enough funds in short-term US Treasury bonds to cover only 18 to 36 months of operational expenses. Yakovenko, who stated that it is unnecessary and incorrect to turn to different assets like Bitcoin, said, "If users want to buy Bitcoin, they can already do so themselves. There is no need for the project to hold Bitcoin on behalf of the users."
Hoskinson argued that the proposal was made to strengthen Cardano's decentralized finance (DeFi) infrastructure and address some issues in the stablecoin ecosystem. However, some critics believe that this step indicates a lack of confidence in the ADA coin. Cryptocurrency investor Aaron Dishner stated that this plan implies that Cardano indirectly acknowledges Bitcoin's greater value than ADA.
Opinions regarding the proposal in the Cardano community are mixed. Some users are concerned that the sale of 100 million dollars worth of ADA could negatively impact the token price. However, Hoskinson dismissed these concerns by stating that the ADA market is deep enough to absorb this transfer without any collapse.
While discussions continue within the Cardano community, there is great anticipation regarding whether the proposal will be implemented and what path will be taken in the project's governance process.
*It is not investment advice.
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