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Solana Labs co-founder Anatoly Yakovenko has criticized Cardano’s proposal to convert $100 million of its treasury into Bitcoin, calling it poor financial management. The plan, suggested by Cardano founder Charles Hoskinson, aims to boost DeFi capabilities but has sparked debate over ADA’s value. The Cardano community remains divided on the strategic shift.
- Anatoly Yakovenko criticized Cardano's Bitcoin treasury plan as poor financial management, suggesting protocols should hold short-term T-Bills instead.
- Charles Hoskinson proposed converting $100M in ADA to Bitcoin and stablecoins to strengthen Cardano’s DeFi and stablecoin liquidity, citing a current $33M stablecoin shortfall.
- The Cardano community is divided, with critics fearing ADA price drops and questioning the move’s confidence in the token, while Hoskinson defends it as a strategic necessity.
📎 Source reference: cryptoslate.com
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