Cardano Founder Addresses Price Speculations As ADA Struggles
November 15 2021 - 6:00PM
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Cardano has not been doing well these past couple of days. With
strong competition from Solana, the digital asset has had a hard
time maintaining its position in the market. This has translated
into suffering prices on the part of ADA, causing the market to
speculate on where the value of the asset might be headed. Founder
Charles Hoskinson took to YouTube to address these speculations.
Hoskinson who recently returned from his trip to Africa took to his
YouTube channel to address the community on the trip and what lay
in the future for the blockchain. As usual, the founder would
usually take questions from the audience while live on YouTube and
during the latest episode, the issue of price speculation came up a
user asked about Solana flipping Cardano. Related Reading
| Cardano Flips Solana, Tether To Reclaim Spot At 4th Place
Everyone Will Be A Millionaire The question about the value of ADA
seems to have struck a nerve with the founder, who questioned the
identity of the user behind the question. Hoskinson said that there
was something wrong with the way the market perceived value and
this did not spell good news going forward. He pointed out that
things like NFTs were being sold for insane amounts of money,
saying the market was headed towards hyperinflation. ADA price
trending above $2 | Source: ADAUSD on TradingView.com The founder
explained that accumulating money will provide no real meaning or
purpose to one’s life, but added that everyone will be a
millionaire soon enough. Not due to the value of digital assets
going up, but hyperinflation which threatens to erode the market.
“As we get closer and closer to hyperinflation, used to be
millions, then it was billions, now it’s trillions,” said
Hoskinson. “Every one of you will be a millionaire soon enough.”
The mathematician did not end it there, though. He pointed out that
the value of things is subjective, asking why so many people care
about the price of ADA so much. For a blockchain like Cardano, it’s
really all about the tech. “Why do you care?” Hoskinson asked
during the session. “The whole definition of the value of things is
up for grabs.” Africa Is Looking Good For Cardano Charles Hoskinson
updated the community about his just-concluded tour around Africa,
opening up about the opportunities in the continent for the project
and blockchain technology in general. The founder referred to the
month-long trip as “worthwhile” with “challenges of
hyper-organization.” Related Reading | What Went On In The
Secret Meetings Between Cardano Developer IOHK And Zanzibar
Officials? Shifting focus to the Africa fund, Hoskinson revealed
that some announcements are in the pipeline. “We’ve brought some
partners in. I think it’s going to end up being larger than
anticipated. There’s a lot of great investments we’re going to be
able to make in Africa, both on the infrastructure side, as well as
the crypto side, to harmonize the two and bring things up.”
Featured image from Blockchain News, chart from TradingView.com
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