Cardano Founder Denies ADA Price Promises Amid 95% Drop

Cardano Founder Denies Promising ADA Price Surges, Cites Roadmap Completion

Charles Hoskinson, the founder of the Cardano blockchain, has stated that he never guaranteed the price of its native token, ADA, would rise or surpass Bitcoin. Hoskinson addressed what he described as investors effectively asking him to “pump bags” by demanding price increases, asserting that his role was to build and decentralize the network, a task he believes is now complete.

During a livestream on November 7, Hoskinson responded to a viewer who referenced his past comments about Cardano’s potential to become the largest cryptocurrency. “I never promised that,” Hoskinson stated. “I said I’d love for it to happen, and I believe that Cardano is a better store of value than Bitcoin is for a variety of reasons.” He clarified that suggesting something is possible is distinct from promising it. “I don’t promise price appreciation, or people overturning things. I say it’s absolutely possible,” he added.

Hoskinson emphasized that while he sees significant potential for Cardano, he does not offer guarantees of higher prices or a dominant market position for ADA. The token has experienced a substantial decline, falling from its 2021 all-time high of $3.099 to approximately $0.1636, a drop of 94.72%.

The conversation grew more pointed as Hoskinson addressed investors who expected him to continuously support ADA’s price. “So you tell me you want me to pump your bags, and if I don’t, I’m a scammer,” he remarked. Hoskinson argued that such expectations create an unsustainable cycle. He explained that if an investor buys ADA at $3 expecting it to reach $5, the next buyer might purchase at $5 anticipating $7. “If you stop at five, you cheat the person who bought at five. If you stop at three, you cheat the person who bought at three,” he illustrated, suggesting there is no scenario where investors would not feel let down.

Hoskinson reiterated that his primary responsibility was not to ensure ADA’s price appreciation but to develop the network and establish its independence. He announced that Cardano’s “roadmap is complete,” with all planned upgrades successfully delivered.

Cardano’s development has progressed through five distinct stages: Byron, Shelley, Goguen, Basho, and Voltaire. Each phase introduced key functionalities such as staking, smart contracts, and enhanced network performance. The final upgrades have empowered ADA holders with voting rights, and the Plomin hard fork, scheduled for January 2025, will finalize the transition to community-led governance.

“My job was to build it and decentralize it, I have no power over this ecosystem,” Hoskinson concluded. He stated that Cardano is now self-governing and capable of selecting its leaders without his direct approval.