TLDR
- Solana Labs CEO Anatoly Yakovenko opposed Cardano’s plan to convert $100M ADA into Bitcoin and stable assets.
- Yakovenko stated altcoin teams should not manage Bitcoin for users and should focus on low-risk assets like U.S. Treasury bills.
- Cardano co-founder Charles Hoskinson defended the plan as a yield strategy to grow the treasury and buy back ADA.
- Hoskinson said the strategy could continue annually for 5–10 years, potentially expanding the treasury to over $1 billion.
- Polkadot community also proposed converting DOT into BTC via tBTC, aiming to diversify its treasury and reduce volatility.
Solana Labs CEO Anatoly Yakovenko has criticized Cardano’s strategy of converting ADA into Bitcoin and other stable assets. He stated altcoin projects should not manage BTC holdings on behalf of their users. Instead, he recommended holding short-term assets like U.S. Treasury bills to secure operational…
