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Zafar Naik
Zafar Naik
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- Jun 16, 2025 10:03 UTC
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Solana Founder Mocks Altcoin Projects for “Dumb” Bitcoin Buy Strategy
Solana's Anatoly Yakovenko slammed altcoin teams for holding Bitcoin, calling it “so dumb.”
Cardano’s Charles Hoskinson proposed converting $100M in ADA into Bitcoin and stablecoins.
The move sparked mixed reactions, raising debate on altcoin treasury strategies.
Solana co-founder Anatoly Yakovenko has sparked fresh debate in the crypto world by criticizing altcoin projects that invest in Bitcoin. His comments – clearly aimed at Cardano’s recent $100 million Bitcoin plan – have stirred strong reactions across the community.
As major blockchain players weigh in, the clash reveals deeper questions about how altcoin projects should manage their treasuries in today’s unpredictable market.
Yakovenko Fires Back: “Why Pay for Coconuts?”
Yakovenko didn’t hold back. In a post on X, he dismissed the idea of altcoin teams buying Bitcoin for their users, saying individuals can, and should, do it themselves.
“This is so dumb… Why would anyone want a team to buy and hold Bitcoin for them when they can do it themselves? Why pay for all those coconuts?” he wrote.
Instead of Bitcoin, he recommends projects hold enough low-risk assets, like U.S. Treasury bills, to cover three years of operating costs. Anything beyond that, he suggests, is unnecessary.
Cardano’s $100M Bitcoin Plan Raises Eyebrows
The drama began after Cardano co-founder Charles Hoskinson proposed converting $100 million worth of ADA into Bitcoin and stable assets. According to him, this wouldn’t hurt Cardano’s ecosystem. In fact, he says it could help grow the treasury over time through yield, eventually allowing the team to buy back even more ADA.
“If successful, this strategy could create a stable floor for the ecosystem,” he said, expecting a sustainable financial model. However, his embrace of Bitcoin raised eyebrows, especially after he previously challenged Bitcoin’s “sound money” status, promising not to allow “Bitcoin maxis” to dominate.
Crypto Community Weighs In
The proposal drew mixed reactions in the crypto community. Jeff Park of Bitwise Invest on X, “Subpar altcoins ditching their assets to build a BTC treasury was not on my 2025 bingo card.”
Others in the space had mixed reactions. DeFi platform Alva called Cardano’s move risky but said it could strengthen its position in decentralized finance. Meanwhile, traders remain cautious about a short-term dip in ADA, though some technical signals suggest a rebound may follow.
Bigger Question: Is Bitcoin the Future of Altcoin Treasuries?
This back-and-forth between the heads of Solana and Cardano highlights a growing divide in the crypto world: Should altcoin projects lean into Bitcoin, or focus on building value with their own assets?
As market volatility continues, the choices these projects make now could shape their long-term success and how investors view their role in the broader crypto ecosystem.
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FAQs
Cardano’s $100 million Bitcoin plan aims to create a stable floor for the ecosystem and grow the treasury, which could positively impact ADA’s long-term price stability. However, some traders remain cautious about short-term dips in ADA.
Treasury management decisions are critical as they ensure long-term sustainability, fund development, cover operational costs, and build investor confidence. Strategic asset allocation can also provide a stable financial foundation amidst market volatility.
Yes 
No 
