Co-founder of Solana Anatoly Yakovenko sharply criticized the proposal by Charles Hoskinson, co-founder of Cardano, to convert part of the project’s treasury into Bitcoin. In his opinion, such an initiative is impractical, as community members can store Bitcoin themselves if they wish.
This is reported by Finway
Yakovenko: Altcoin Funds Should Be in Low-Risk Assets
Yakovenko believes that projects should keep reserves in low-risk instruments, such as short-term treasury bonds, rather than in volatile assets like Bitcoin. He is convinced that the volume of such reserves should cover 18 to 36 months of expenses, which is sufficient for the stable functioning of the project. Yakovenko commented on the idea as follows:
“Projects should keep reserves for 18-36 months in short-term treasury bonds, and that is enough. Why should someone buy and hold Bitcoin instead of the team, if anyone can do it themselves? Why pay for all these coconuts?”
According to Charles Hoskinson’s proposal, part of the Cardano treasury — $100 million equivalent in ADA — is to be converted into Bitcoin and stablecoins. Hoskinson believes this will allow the treasury’s assets to grow over time, and the profits generated can be used to buy back ADA, strengthening the Cardano ecosystem.
Crypto Community Surprised by Cardano’s Sudden Change in Strategy
However, this initiative has sparked mixed reactions within the cryptocurrency community. Experts point out that just recently, Hoskinson criticized Bitcoin and its ideology, and now Cardano is proposing to form reserves based on this cryptocurrency. Jeff Park, head of Bitwise Alpha Strategies, called this situation “unpredictable” even for 2025:
“Weak altcoins that abandon their own assets to create a Bitcoin treasury were not on my bingo card for 2025. The world is healing,” the expert stated.
Network users also note the inconsistency in the actions of the Cardano co-founder, who previously claimed that Bitcoin is no longer the only “money network.” Yakovenko emphasized that ecosystems should focus on effectively managing their own assets rather than speculating with external cryptocurrencies.
It is worth mentioning that recently the Cardano network launched the first DeFi protocol for Bitcoin without intermediaries — Cardinal.