The Bloomberg Terminal has added Cardano (ADA) to its list of supported assets, exposing it to hundreds of thousands of institutional investors.
While some have scrutinized the cryptocurrency and its lack of working products, the move will most likely prove to be extremely bullish.
Fast-rising Cardano catches the eye of major investors through Bloomberg Terminal listing
While Cardano has certainly had an action-packed year, it seems that its popularity is about to soar significantly in the months to come. The reason behind this isn’t the major updates planned for the protocol, but the increased interest from major investors, both from traditional finance and the crypto industry.
The rising interest has become most evident following yesterday’s addition of Cardano to the Bloomberg Terminal. An integral tool for the global finance industry, Bloomberg Terminal is a product used to access, compile, and analyze financial information. With a cost ranging from $20,000 to $40,000 per month, the Terminal is reserved for the biggest and most influential players in the finance industry.
Adding Cardano to the list of supported assets displayed before these institutional investors has been seen by the Cardano community as a huge step towards securing the network’s place on the market.
SCREENGRAB SHOWING THE CARDANO DESCRIPTION ON BLOOMBERG TERMINAL (SOURCE: TWITTER)
A bullish case for Cardano despite investor scrutiny
The addition of Cardano to the Terminal was followed by a piece of Bloomberg, where the media outlet highlighted both the advancements made by the protocol and the criticism it received from industry experts.
According to the article, Cardano’s loyal following enabled the cryptocurrency to maintain its upward momentum and resist major corrections that have plagued both the crypto and traditional markets in the past months. However, Bloomberg noted that the hype around Cardano isn’t all too clear, as the blockchain is yet to see the update that will enable it to run smart contracts. Charles Hoskinson, the CEO of IOHK, said that the reason why Cardano will be the last major blockchain platform to get to market was that the company took its time to “do it right.”
This, Bloomberg noted, could be what pushed investors to buy Cardano despite a lack of applications and uses—the promise of a platform better, cheaper, and faster than Ethereum that can run entire governments and financial systems. Hoskinson backed this up by saying that over 100 companies are “in the pipeline” looking to shift their business from Ethereum to Cardano. And while some of these projects represent novel implementations of DeFi applications and NFTs, most will focus on the less speculative aspects of the industry.
“My goal is to run countries on this blockchain,” Hoskinson said. “I don’t care about Uniswap and CryptoKitties and other things. It’s a bubble, and it comes and it goes, like Pet Rocks and Beanie Babies.”
And while Hoskinson said that he doesn’t know why the price of ADA skyrocketed in the previous weeks, the addition of the cryptocurrency to the Terminal will certainly give it more publicity. With the blockchain set to unlock its full functionality in the following months, the event could, in hindsight, be the spark that ignited an unprecedented growth spurt for Cardano.