Cardano Founder Says Burning ADA Would Require the Coins to Be Taken From Investors and Destroyed

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Charles Hoskinson has reiterated that there is no chance that Cardano will burn ADA supply to boost its value. 

His comments come after a Cardano enthusiast slammed him for not supporting the idea that part of ADA supply should be burnt. 

“The astonishing power of ignorance is revealed when someone as intelligent as Charles Hoskinson believes burning coins is destroying someone’s property,” a Twitter user said. 

The ADA investor, who goes by the Twitter username @PerAsperaVinco added that Hoskinson’s assertion is untrue because the idea of burning a part of the person’s property will ultimately boost the value of the rest. 

Hoskinson’s Response

In response to the Twitter user, Hoskinson said there is no “magic reserve of ADA floating out there” that can be burnt, suggesting that the entire supply of ADA is currently being held by investors. 

He added that for the Cardano team to burn ADA supply, it would first need to do the impossible by retrieving the coins from these investors before destroying them. 

“All Ada is in the hands of owners, actual people, to burn it would require it to be taken from them and destroyed,” Hoskinson added. 

Some Investors Call for ADA Burn

Like most cryptocurrencies, ADA has plummeted massively in price due to political and economic factors. The coin, which soared to an all-time high (ATH) of $3.09, is down 85.2%. 

At press time, ADA is changing hands at around $0.45, with investors fuming that the price is relatively low. 

Instead of blaming ADA’s massive decline on the unfortunate developments that have plagued the industry this year, some investors believe the coin’s total supply of 45 billion is the reason the price is low. Based on this, some ADA holders have hinted that the Cardano team should burn a part of the token’s supply for its price to soar. 

The calls do not sit well with Hoskinson, who slammed those making such suggestions

 

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