Solana co-founder Anatoly Yakovenko sharply criticized Cardano co-founder Charles Hoskinson's proposal to convert part of the project's treasury into Bitcoin. According to the entrepreneur, it is pointless since ecosystem participants can already store the first cryptocurrency themselves.
He called the initiative 'stupid' and stated that the project fund should be kept in low-risk assets, like treasury bonds. Moreover, its volume should be calculated to cover a maximum of 36 months of expenses, Yakovenko believes.
Hoskinson's idea is to buy Bitcoin and stablecoins worth $100 million in ADA equivalent to gradually increase the treasury. He claims that the initiative will not harm Cardano, and the returns can be directed towards buying back ADA. This strategy, he says, will strengthen the ecosystem's base.
However, the proposal has caused confusion in the crypto community. Some analysts point out the contradiction: previously, Hoskinson criticized Bitcoin and its ideology. Now Cardano allegedly plans to build a reserve based on the first cryptocurrency. Bitwise Alpha Strategies head Jeff Park called the situation 'unpredictable' even for 2025.
“Weak altcoins that refuse their own assets to create a Bitcoin treasury were not on my bingo card for 2025. The world is healing,” said the expert.
The radical shift towards Bitcoin seems strange, considering the previous position of Cardano's co-founder who stated that the asset is no longer the only 'money network,' users noted. Yakovenko, for his part, believes that ecosystems should focus on sustainable management of their funds, rather than speculating with other people's assets.