There isn’t much positive news for Cardano (ADA-USD) right now. Prices have continued to move downward since September of last year and there could still be more pain.
Cardano has shed approximately 73% of its value since then. Cardano now has something of a scandal on its hands with founder Charles Hoskinson coming under scrutiny for his academic credentials.
If the old maxim that any press is good press holds, then Cardano should benefit. The press I refer to is accusations that Hoskinson doesn’t hold the academic credentials he claims.
Those accusations could lead to increased interest in Cardano, and with prices at these lows, Cardano could use attention. If attention increases, Cardano prices could rise.
Allegations and ADA
Journalist Laura Shin recently a released book about the early days of Ethereum (ETH-USD). Among the book’s claims is that Hoskinson never graduated even an undergraduate program. He claims to have dropped out of a Ph.D. program. She leveled those claims in a Tweet.
In her book, she raises other unflattering claims about Hoskinson. Shin alleges that Hoskinson’s exit from Ethereum was not only based on differences of opinion about the direction of the company: Vitalik Buterin wanted to keep Ethereum non-profit while Hoskinson sought VC funding. That certainly caused strife.
She also claims that Hoskinson was fired from Ethereum based on his ‘sociopathic’ tendencies.
Perhaps nothing negative will come from it. All of the responses I’ve read about the allegations related to Hoskinson’s academic credentials center on the idea that it doesn’t matter. Those responses are essentially asserting that no matter what degree Hoskinson attained he is still a capable leader.
Perhaps it is just what Cardano needs. Controversy can spark conversation, especially on social media. If such conversation arises over the claims about Hoskinson that could make it more relevant. If the majority of the internet sides with Hoskinson that could lead to capital flowing into Cardano and rising prices.
I think the allegations at least change the perception of Cardano. I always thought of Hoskinson and Cardano as quiet, behind-the-scenes workers. They seemed to be the antidote to over-the-top figures that often come with the cryptocurrency space. Now Hoskinson could be viewed in a new light. One Reddit user even referred to him as a well-known snake oil salesman.
Shin’s negative view of Hoskinson might become exactly the catalyst ADA needs. Shin’s allegations could renew the conversation about Cardano’s genesis and its relationship to Ethereum.
That could renew interest in transaction speeds. Essentially the allegations about Hoskinson could serve to help Cardano. And that could drum up another narrative that is favorable to Cardano: Transaction speeds.
Transaction Speeds Recommend Cardano
The conversation surrounding Ethereum’s slow transaction speed in comparison to Cardano has long simmered. That has long led some to speculate that Cardano has a chance to dominate in the future. That future may look far off given Cardano’s recent downturn.
Because this scandal is tangential to Ethereum it might provide the tinder that stokes more talk about Cardano’s speed and Ethereum’s speed. That certainly favors Cardano. If that scenario plays out it would be a great example of any press being good press.
If nothing else, Cardano is at least more interesting moving forward. Even though I am a fan of Cardano, I always thought it was a bit vanilla. Maybe those allegations are exactly what it needed to make it more marketable.
It always seemed to be well thought out. So perhaps now is the time to bet big on Cardano based on potential marketability in the future.
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On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.