Solana Joint Creation: Cardano's proposal to purchase Bitcoin with treasury funds is' very foolish '

BlockBeats News: On June 16th, Anatoly Yakovenko, co-founder of Solana Labs, opposed Cardano's latest proposal to convert some of the treasury funds into Bitcoin. He stated that this idea is incorrect, reflecting poor management of the national treasury and conveying the wrong message to the Cardano community. He said: "The project owner should keep working capital for 18-36 months in short-term US treasury bond bonds, that's all." This controversy stems from the proposal made by Cardano founder Charles Hoskinson on June 13th, which suggested that blockchain networks could convert ADA tokens worth $100 million in the national treasury into Bitcoin and stablecoins. Hoskinson stated that the goal is to strengthen Cardano's decentralized finance (DeFi) capabilities and address the issues present in its stablecoin ecosystem. But critics argue that the proposal demonstrates a lack of confidence in ADA tokens. Crypto trader Aaron Dishner stated that this move could be seen as Cardano acknowledging that Bitcoin is more valuable than its native token. Solana's co-founder also expressed a similar view, questioning why any protocol needs to represent users in holding Bitcoin. He said, "When users can buy and hold Bitcoin themselves, why should teams buy and hold it for them The proposal has sparked different reactions in the Cardano community, with some expressing concerns that selling $100 million ADA to purchase Bitcoin may suppress token prices. Hoskinson dismissed these concerns, stating that the ADA market is deep enough to absorb this capital transfer without causing a collapse.