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Former Goldman Sachs Exec Explains Why He Is So Bullish on Cardano ($ADA), Solana ($SOL), and XRP

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In a recent interview, former Goldman Sachs executive Raoul Pal talked about why is excited about certain altcoins, and in particular explained why he is bullish on Cardano ($ADA), Solana ($SOL), and XRP, all of which he currently owns.

Prior to founding macro economic and investment strategy research service Global Macro Investor (GMI) in 2005, Pal co-managed the GLG Global Macro Fund in London for global asset management firm GLG Partners (which is now called “Man GLG”). Before that, Pal worked at Goldman Sachs, where he co-managed the European hedge fund sales business in Equities and Equity Derivatives. Currently, he is the CEO of finance and business video channel Real Vision, which he co-founded in 2014.

Pal is bearish on fiat currencies, especially the U.S. dollar, because he believes that they are continuously depreciating against assets such as real estate, stocks, and crypto. Although some believe that we are currently witnessing an “everything bubble” that is about to burst, Pal remains bullish on both stocks and crypto. Nevertheless, he says that he has invested 100% of his liquid net worth in crypto because he believes that this asset class offers the greatest upside potential.

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And within the crypto space, although he initially was much more bullish on Bitcoin than Ethereum, around the end of the first quarter of this year he started to believe that Ethereum is “the better asset allocation for performance” for now and over the next one year at least.

Pal’s comments about Cardano, Solana, and XRP were made during an interview (on August 31) with crypto analyst and influencer Ben Armstrong (better known as “BitBoy Crypto” on social media platforms). Below, we highlight Pal’s comments regarding these three cryptoassets.

On Cardano

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We’ve had Charles Hoskinson a few times on Real Vision. I like the project. I think it’s very interesting. We really need to see more network adoption. Yeah, so it’s early stage for me still. So yeah, the price is going up. It’s doing well. There’s a big community behind it; so that gives you one side of the network.

We need to see more use cases outside of the Ethopia case that’s being talked about a lot. So, you know, I own some, and I’m just waiting to see really is it going to start getting a lot of attraction, people building stuff on it… Maybe it’s not the biggest outperformer this cycle, but, you know, if it survives this cycle and continues to get adoption, it’ll probably do very well in the next cycle…

I own it because because there’s a lot of investors in it. And if the ecosystem builds out, it’s going to do incredibly well. And as you say, maybe it rallies into that…

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On Solana

I think it’s the ETH of this cycle. Well, remember, the each of the last shot, you know, it was the one that became a big because [of] the pedigree of all the people involved in it. The speed of adoption is ridiculous. I mean it’s growing faster than ETH did at that point in the cycle.. The number of applications…

Someone just sent me a chart of the ecosystem.There’s like 300 people already working with Solana… This is happening at a speed none of us can get our heads around…. Solana looks it’s going to win this cycle.

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On XRP

XRP is a great risk reward, right? The lawsuit — we’ve seen every lawsuit — every single one — has been a fine, a slap on the wrist because everybody’s actually cleared up after the event anyway… So I think it’s gonna be a slap on the wrist that it could look like a security. There’ll be no admission of guilt on either side. There’ll be a payment of a fine. And then XRP is free to run. What’s interesting about XRP that it’s got quite a lot of use cases.

Now, I know a bunch of Bitcoin people hate it. It’s not decentralized enough. I don’t care. Are people using it? Yes, a lot more than most people realize. And what’s amazing about this setup is you can’t buy it on any of the exchanges… So you’re setting up for a hell of a nice run if this clears up. Worse case, it doesn’t… Worst case is — let’s say — 50% downside. Bets case is 10X from here. So I’ll take a 50 to 1 risk reward for the next, you know, three to six months.

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Cardano Past and Present Challenges in the Crypto Industry

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  • Smart contracts and network scalability has been Cardano’s challenge.
  • Despite this, Cardano (ADA) is still showing an impressive performance in the market.

Cardano (ADA) has been through a mix of positive and negative downsides since its inception. Starting from the past, it has been striving to get a smart contract for smooth platform functionality. Also, apart from this, one key thing that Cardano has faced is scalability, according to a report.

However, this makes people keep doubting how Cardano claims to be an Ethereum killer and also a third-generation blockchain. This was seen from the time that the Cardano team started to fight for smart contract acquisition to make the network stand out among the odds in terms of network scalability.

Cardano has already made a significant step forward by tackling some of its challenges. This includes the implementation of the Alonzo Hard Fork Upgrade, Basho, Mamba, and other network extensions for betterment. Seemingly, all these appear not to serve as a catalyst to solve Cardano’s underlying tragedy.

Mention to the community what are technical challenges openly but not in a sense of FUDing but rather that some solution needs to be found. This could also be a good thing because some community members in the spirit of the decentralized brain could start looking for solutions (research) or even start implementing them (development).

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Nevertheless, regardless of all these, Cardano is still showing an absolute performance in the market. It keeps climbing ranks while rocking new all-time highs. At writing time, ADA price trades at $1.56 with a market capitalization of over $50 billion on Coingecko. This makes it ranks as the 6th largest cryptocurrency in terms of market cap.

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Cardano (ADA) Down 50% from Peak: Possible Reasons

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Largest proof-of-stake network sees its token in multi-week painful decline.

ADA, a core native asset of the newest smart contracts platform Cardano, touched $1.5 in its multi-month freefall. Here’s what makes it plummet before gaining 200% in five weeks.

ADA loses 50% since early September

On Sept. 2, 2021, the ADA price reached its all-time high at $3.10 on the eve of the activation of its smart contract functionality. This major upgrade went live as a result of Alonzo hard-fork mainnet activation in mid-September.

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Cardano (ADA) price loses 50%, here's why
Image by Binance

At the same time, its activation failed to catalyze another wave of ADA price rally: the asset entered a multi-week “bear market.” On Nov. 26, 2021, it reached the lowest level since Aug. 9.

The most obvious mid-term catalyst is the criticism of Cardano’s smart contracts performance. As covered by U.Today previously, the viability, speed and functionality of this system were attacked by both Ethereum (ETH) and Bitcoin (BTC) maximalists.

In terms of short-term bearish catalysts, the most obvious one is the delisting of Cardano’s ADA by eToro, a mainstream derivatives trading platform. eToro restricted its U.S. customers from opening positions in ADA and Tron’s Tronics (TRX) from Dec. 26, 2021.

Will ADA see another rally in 2022?

Cardano’s inventor, Charles Hoskinson, has already slammed eToro’s decision and attributed it to the lack of a global regulatory standard in the sphere of crypto and blockchain.

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As U.Today reported earlier, Mr. Hoskinson is certain that 2022 will be a splendid year for his ecosystem. Speaking about its roadmap for the coming year, he called it a “living ecosystem.”

He calls Cardano’s technology unbelievable and claim

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Red Alert In Crypto Space, Cardano Price Trembling Yet Remains Bullish

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Crypto space witnessed a replica of a May crash but with lesser intensity. Bitcoin price is hovering between $53,800 and $54,400. However, some assets stood strong above their support levels like Ethereum & Cardano.

Despite the bearish trend prevailing in the short-term, yet the ADA price still remains bullish in the higher time frame. 

Cardano price maintained a substantial downtrend ever since the beginning of the present trading day. In the daily chart, the asset has formed a double-bottom and was expected to surge high slicing through the neckline.

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But the asset was rejected at the neckline in the last few hours of the last trading day. ADA price dumped nearly 15% ever since then, however, it’s also attempting to rebound. 

3rd Cardano sell-off is going on since the early hours of the Asian trade. The dump dragged the price much below the 200-day MA and extended the gap between the strong resistance levels around $2.5.

A major reason for the sell-off is speculated to be the pandemic FUD circulating in space. However, the retracement is expected to be well in place as more than 70% of ADA is staked and keeping only 30% in circulation is pretty bullish for the asset. 

Exactly a year ago, the Cardano price was around $0.03 and the asset was surrounded by immense FUD. However, the ADA price didn’t stop then and may not stop now also.

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Collectively the asset maintains a substantial rally ever since it faced an extreme sell-off in September. Yet the strong support levels still reside around $1 and the asset is still bullish until the asset sustains above these levels. 

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