Solana Co-Founder: Cardano’s Plan to Convert $100 Million in ADA to Bitcoin Is “Extremely Foolish”

According to ChainCatcher, as reported by CryptoSlate, Solana co-founder Anatoly Yakovenko has publicly opposed Cardano's proposal to sell $100 million worth of ADA to purchase Bitcoin and stablecoins, calling the decision "extremely foolish."

Yakovenko stated that project teams only need to hold short-term government bonds for 18-36 months as emergency funds, questioning "why hold Bitcoin on behalf of users." The controversy stems from a proposal by Cardano founder Charles Hoskinson on June 14, aimed at enhancing stablecoin liquidity within its DeFi ecosystem. The community is concerned that a large-scale ADA sell-off would impact the token's price, while Hoskinson argued that the market has sufficient depth to absorb the selling pressure and pointed out that the current on-chain stablecoin volume on Cardano is only $33 million, which already threatens the ecosystem's development.