Solana co-founder: Cardano's plan to convert 100 million ADA to Bitcoin is "very stupid"

ChainCatcher news, according to CryptoSlate, Solana co-founder Anatoly Yakovenko publicly opposed Cardano's proposal to sell $100 million worth of ADA to buy Bitcoin and stablecoins, calling the decision "very foolish."

Yakovenko stated that the project team only needs 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 Cardano founder Charles Hoskinson's proposal on June 14, aimed at enhancing the liquidity of stablecoins in its DeFi ecosystem. The community is concerned that a large-scale sale of ADA will impact the coin's price, while Hoskinson argues that the market depth is sufficient to absorb the selling pressure and points out that the current stablecoin size on the Cardano chain is only $33 million, which threatens ecological development.