The post BIG PLANS for Cardano: ADA still has 25X potential, why? first appeared on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
After a tumultuous couple of weeks with bearish pressure causing most cryptocurrencies to extend lower, Bitcoin today, May 13, has reclaimed the crucial $30,000 level.
Cryptocurrencies in general were recovering from the sell-off in this week’s crypto bloodbath.
Cardano (ADA) founder Charles Hoskinson says in a recent video that big corrections are a routine part of the crypto industry and mass hysteria builds around the latest market crash.
Hoskinson in his video begins by offering a sort of reality check on market conditions and their effect on the global monetary system and says that the “world economy is not healthy.”
In the continuation of the last 20 years, there has been hyperinflation in printing money and because the US is so indebted that it costs $1 trillion a year.
According to Hoskinson, experienced investors are not bothered by the most recent sharp downturn in the market as they have witnessed such corrections in the past, while this chaos is created by new investors who are under a panic attack right now. And crypto isn’t over yet!
Hoskinson explained why this large-scale correction methodology is blown out of proportion:
“I’ve been in this space for almost a decade and I remember Bitcoin before it was $1, and then it went up to $30, then it went down to $4, then $250, then $80, then $1,200, then it went down $250 again, then $20,000, then $4,000, then $64,000…
“No matter where I go and what I do, I’m always amazed that there’s this constant attitude rhyme. So, the old guard, nothing gets us out of phase anymore. We’ve seen everything twice, just to make sure we didn’t miss a thing.”
He mentioned that the company is growing and has its own growth fund in response to Guillemot’s tweet announcing that ADA’s $723 million treasury is decentralized.
Charles Hoskinson’s BIG PLANS for Cardano over the next 12 months!
According to Guillemot, Cardano’s massive treasury is an indication to build projects like his on the blockchain network smoothly. One such project is the algorithmic stablecoin, Djed, launched in May.
Additionally, its capabilities are currently being tested by users and are being developed in collaboration with COTI and ADA. The company is in the process of announce big plans for 2022 as they have two big tool announcements in the next 1-2 weeks.
Cardano has shown some crucial improvements in recent months as more projects are built on top of it. Guillemot’s tweet is a clear sign that the Treasury could be behind the financing of these projects.
However, the recent tweet from Cardano parent company IOHK clarified that around 900 projects are currently under construction. Isn’t it huge? Especially for a project that many have criticized for its slowness.
Overall, Hoskinson believes that the number of large transactions on the Cardano blockchain may increase more than 25-fold by 2022.
Bloodshed on Satoshi Street: Crypto Winter
Speaking about the current condition of the market, Hoskinson clarified that the market is not in a position to revive anytime soon, so for new investors this winter may hit like a cold ice bath:
In a recent tweet, he goes on to “welcome” new investors to the latest crypto winter, adding that after the bloodshed on the streets, it could take weeks or months for coins to find a bottom before steadily rising.
This is nothing more than a stage of panic that is not new and does not mean the end of cryptocurrencies.
“If this is your first crypto winter, then welcome back. I have been through many since 2011 and they always hit like a cold ice bath. We are terrified of blood in the streets. It clears up in weeks or months as a bottom is found. Then a long climb up a ladder.”
The bottom line
According to Hoskinson, this drastic damage is basically cryptocurrency manipulation that is roiling the markets and driving prices down.
So the bottom line is that the company is trying to build a stable ecosystem which may take time, but “the goal of cryptocurrencies,” he said, “is to restore some trust, credibility and stability to the global monetary system.”
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