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Adam Back, CEO of Blockstream and a leading figure in the Bitcoin community, has issued a bold forecast about Cardano (ADA). He predicts that the price of ADA, the native token of the Cardano blockchain, could drop by as much as 90%. This prediction comes amid ongoing debates in the cryptocurrency world, especially following recent comments from Cardano’s founder, Charles Hoskinson.

More on this below!

Charles Hoskinson’s Controversial Remarks

Charles Hoskinson, CEO of Input Output Hong Kong (IOHK), has stirred up controversy with his critical views on Bitcoin. He warned that Bitcoin might decline slowly if its development community remains too conservative. Hoskinson compared Bitcoin’s potential fate to Microsoft’s, suggesting that Bitcoin could face similar issues if it fails to innovate and lacks programmability.

The Bitcoin community has largely dismissed these comments, with Back’s prediction being one of the more dramatic responses.

Cardano’s Market Challenges

Back’s forecast comes at a time when Cardano is struggling in the market. The cryptocurrency has fallen significantly from its previous highs. Bitcoin advocate Tuur Demeester points out that Cardano’s market cap has dropped to just 1% of Bitcoin’s, compared to 10% three years ago. Cardano has also slipped from the top 10 cryptocurrencies by market cap, now holding 12th place behind Dogecoin (DOGE), Tron (TRX), and Toncoin (TON).

Did the Chang Hard Fork Fail?

The Chang hard fork was expected to be a major boost for Cardano, but the reality fell short of these expectations. Despite Hoskinson’s promotion of the hard fork as a significant industry milestone, there was no noticeable increase in Cardano’s price after its launch. This has led to skepticism about Cardano’s future and its ability to enhance market value.

Back’s Concerns

Adam Back’s prediction about a potential 90% drop in Cardano’s price reflects his larger concerns about the cryptocurrency’s viability and market position. His critique highlights a broader unease within the crypto community about the sustainability and future prospects of various blockchain projects, especially when compared to leading cryptocurrencies like Bitcoin and Ethereum.

The debate rages on: Is Cardano a promising project with a bright future, or is it a sinking ship? 

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