Pros and Cons of Investing in Algorand

Is It Good To Invest In Algorand?

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Last Updated December 12th 2022
33 Min Read

It would be in your interest to get to know more about the pros and cons of investing in Algorand. In the short and long term, this will help you know if it is a good idea to invest in Algorand.

Algorand (ALGO) is an alternate coin that could be the missing digital asset that could brighten your portfolio of investments. In this article, we are going to take an in-depth look into the factors that could help you conclude as to why you may consider investing in Algorand. Aside from that, we are going to assess the pros and cons, and the essential details to look out for in your course to invest in Algorand.

Before investing in Algorand, you must understand the beginnings as well as the possibilities of the crypto project in such a saturated market. This would help embolden you in making a great decision on the cryptocurrency

Investing in Algorand merely on the forecasts of cryptocurrency portals can lead to a loss of capital in a short period. Additionally, investing in Algorand based on the recommendation of fund managers or cryptocurrency groups across Reddit, Facebook, and Twitter increases your chances of making irrecoverable losses.

To begin with, Algorand’s native asset, ALGO, is not like the mainstream cryptocurrencies we are used to that are integrated across several merchants to be used as digital currencies. Instead, it offers something entirely different that only DeFi coins are used to.

Algorand, unlike Bitcoin, Litecoin, Dogecoin, Dash, and Bitcoin Cash, is an entirely new kind of blockchain platform that allows individual developers and business organizations to build applications. 

While such a unique innovation that is primed to find answers to all the questions on blockchain technology presents a great investment opportunity, you must know everything about Algorand. 

More importantly, you must identify any pitfalls associated with the technology that can have a detrimental effect on its native asset.

With the number of business organizations employing Algorand for their software solutions, is Algorand worth investing in? 

Contents:

What Is Algorand? 

Algorand is a pure proof-of-stake (PPOS) blockchain that supports smart contracts. Algorand can also be defined as a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. According to the official website of Algorand, it builds technology that accelerates the convergence between traditional and decentralized finance by enabling the simple creation of next-generation financial products, protocols, and exchange of value. To put it simply, Algorand provides lightning-fast transactions that are relatively cheaper than other networks by eliminating the complexities associated with blockchain technology. 

Algorand was founded by Silvio Micali, a computer science professor at the Massachusetts Institute of Technology (MIT) in 2017. The company that oversees the continuous development of the project is Algorand Inc. and can be found in Boston, Massachusetts, United States of America. 

Algorand effectively exists as four separate but interconnected entities.

  • The Algorand Network: This is the public blockchain (permissionless system) that comprises building tools and the necessary resources that allow developers from all walks of life to create new forms of decentralized finance-driven applications and determine the future of finance. 
  • ALGO: This is the primary cryptocurrency on Algorand. It plays an active role in governance as well as for settling transactions on the network within short periods. 
  • Algorand Incorporated: This is the company behind the continuous development of Algorand’s network as well as the cryptocurrency. The company has a size of 51 to 200 employees as per data retrieved from LinkedIn. This team comprises cryptographers, economists, mathematicians, and computer science experts
  • Algorand Foundation: The Algorand Foundation Limited is incorporated in the Republic of Singapore. Together with the entire Algorand Community, the Foundation aims to build public, permissionless, and trusted infrastructure for the borderless economy. 

The idea behind Algorand is to solve the inefficiencies of ledgers which are at the heart of all blockchain projects. Typically, blockchain technologies flooding the decentralized finance market are overly congested. More often than not, this leads to increased costs in the processing of transactions. There are long waiting times for transactions to be confirmed. Many users who are not patient enough find such systems unreliable. 

Algorand offers an alternative smart contracts platform that is different from EOSIO, Ethereum, Tron, Cardano, and Binance Smart Chain. Algorand has found answers to the TRILEMMA of blockchain technologies which are scalability, security, and decentralization. As a result, the Algorand Network processes transactions in a practically free, instant, and secure manner. Moreover, Algorand can facilitate transactions across the board and not only cryptocurrency-inspired projects.

Are You Ready To Invest In Algorand? 

After the launch of its test network in April 2019 which was followed by the mainnet in June 2019, Algorand started to experience increased use cases. At the beginning of the pandemic in 2020, specifically in February, stablecoins USD Coin (USDC) and Tether were launched on the Algorand Network. In June 2020, PlanetWatch announced that it would be using Algorand’s blockchain to deploy a global network of air quality sensors. Data from the sensors' record measurement would be stored on the Algorand blockchain. 

What’s more, in March 2020, Republic which is known for facilitating crowdfunding campaigns for well-established small-to-medium businesses (SMBs) and startups employed the Algorand Platform to issue their profit-sharing token.

Today, the Algorand Network is used by a growing number of users of more than 300 across several countries globally. This is the primary reason why many crypto and financial analysts believe Algorand has the potential to replace Ethereum and other Ethereum Killers as the number one smart contract blockchain for reliable, standardized, and secure applications. 

This is what founder Silvio Micali aims for on his LinkedIn profile. He has pointed out that, “Algorand is a first-of-its-kind limitless transaction platform; Algorand fulfills the promise of blockchain technology by solving the Blockchain Trilemma, offering true decentralization, scalability, and security.”

So, to help you make a good decision about the ALGO token, here are the pros and cons of investing in Algorand. 

As an e-learning organization, it is our utmost priority to dig deep and provide you with accurate details of ALGO and other cryptocurrencies. If you want to know the pros and cons of investing in Algorand that will aid you in getting to know if it is a good idea to invest in ALGO, you are on the right trading and investing education platform.

Read Also: Could Algorand Be a Millionaire Maker Coin?

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

The Pros Of Investing In Algorand 

What Are The Benefits Of Investing In Algorand? 

There are several articles online that predict ALGO to trade for a coin at relatively higher prices than it is trading for in July 2021. What are the primary drivers behind such forecasts? What have those analysts seen? To get an extensive understanding of the future price patterns of ALGO, let us look into the pros of investing in Algorand. 

✅ Algorand Is a Major Player in the Creation of CBDCs 

Central Bank Digital Currencies (CBDCs) are digital representations of a country’s fiat currency. This has been trending since 2017 after the price of Bitcoin surpassed $20,000 for the first time in December of that year. The Marshall Islands which is officially called the Republic of the Marshall Islands is an independent island country in the Pacific Ocean near the Equator. The country has a population of 59,194. On 16th June 2021, it was announced in an article by Zach Winn of MIT News Office that the federal government of Marshall Islands seeks to become the first country to issue a national digital currency by employing blockchain technology. 

The primary reason why the country is considering this is because of its involvement in cross-border finance and trade. Unfortunately, the complexities of the system have provided a difficult system for their citizens to efficiently go about their day-to-day activities. 

After deliberations, the officials decided to find a blockchain technology that can help their citizens avoid high transaction costs, protects against inflation, and simplifies compliance with international partners. They settled on Silvio Micali’s blockchain technology, Algorand. 

Speaking on this partnership, the Minister-in-Assistance to President David Paul pointed out that “The advent of blockchain technology has opened up a world of opportunity for a small nation like ours. By issuing a currency that is not physically embodied in cash, that can travel the globe instantly, and that is tamper-proof and completely secure, the Marshall Islands will finally be connected to the global financial system on its own terms.” 

Central Bank Digital Currencies have been trending online, particularly in 2021. This is because the People’s Republic of China has launched a digital Yuan. Moreover, Ukraine has contracted Stellar to build its nation’s digital currency. 

In 2021, the Bahamas became the second nation after China to launch a CBDC. Countries such as South Korea, Indonesia, Norway, Sweden, and Japan have announced trials of the creation of CBDCs. Also, the Republic of South Africa, Morocco, Ghana, Kenya, and Egypt are exploring the feasibility of the technology.

If Algorand goes through with this successfully, there is a huge chance that most of the countries would employ its services for the creation of their CBDCs. In the long term, investors would look at the adoption rates of the technology and pour more liquidity into its native asset ALGO. 

CryptoNewsZ believes you should consider investing in Algorand in the short and long term. According to their predictions, ALGO could command a price of $0.5 by the end of 2023 based on the partnerships and alliances it continues to form. 

CryptoNewsZ thinks the cryptocurrency market may be struck with some policies or regulations in the long term. This could see ALGO trade for a coin at the lowest possible price of $0.4 and the best possible price of $0.75 on the last day of 2024.

With further developments and fundamentals, ALGO could command a trading price of $0.9 in 2025. The analyst at the fundamental analysis-backed website foresees Algorand trade for a coin at $2 by the end of 2030, representing a huge uptrend of +500% to the current price.

✅ ALGO is Extremely Affordable

Affordability plays an integral role in the number of investor interests that could be seen over a given period. At the time of writing, ALGO has a trading price of $0.22.

The price of ALGO is relatively smaller than the native assets of other smart contracts inspired blockchain platforms such as EOS, ADA, BNB, ETH, and DOT. At such a price of $0.22, buying 1000 ALGOs will deplete your savings by $220, 10,000 ALGOs would cost $2,200, and 100,000 ALGOs will result in $22,000.

As an inexperienced trader or investor, ALGO presents the perfect opportunity for you to break into cryptocurrency investments without having to fork out huge sums of money. For the experienced trader, you can purchase many ALGOs with the potential of the digital asset in the future in mind. With this, you could be seeing a relatively higher return that could be used as a hedge towards non-performing assets in your portfolio.

Trading Beasts thinks ALGO has much to offer its holders. According to the experts, ALGO is worth investing in because it could trade for a coin at a minimum price of $0.26, a maximum price of $0.39, and an average price of $0.31 by the end of 2023. The forecasting website estimates ALGO could have the best possible trading prices of $0.43 by the close of 2024, and $0.546 by the year’s end of 2025.

As per the forecast of Trading Beasts, buying ALGO could see you with a return of 45% and 101% in the short and long term respectively.

✅ ALGO Is Highly Undervalued

With such a unique innovation that has seen 100s of mainstream corporations adopt Algorand as the primary software solution for scaling their transactions, such actions should reflect positively in the price of ALGO.

Unfortunately, ALGO’s price of $0.22 is 93% less than its all-time high price of $3.28 that was recorded on Friday, 21st June 2019.

With the continuous growth of the ALGO Network coupled with the activities of Algorand Incorporated and Algorand Foundation, the platform would continue to gain exposure from being announced for adoption by mainstream corporations.

Moreover, ALGO is one of the best cryptocurrencies value and growth investors should consider adding to their respective portfolios.

According to Investopedia, “Growth investing is an investment style and strategy that is focused on increasing an investor’s capital.” Growth investors normally invest in assets that do not have long-term trading experience. Normally, such assets’ valuations are primed to increase at the above-average rate when compared to other assets in the market.

According to Schroders, “Value investing is the act of buying assets which trade at a significant discount to their intrinsic value.” Ordinarily, value investors lookout for companies, and under the discussion of decentralized finance, cryptocurrencies with cheap market valuation metrics are poised to increase substantially in the long term.

With the definition of the two schools of thought under perspective, ALGO could trade for a coin at more than 4, 5, or 10 times its current trading price in the future.

Digital Coin Price is one of many financial portals that believe ALGO is highly undervalued. According to the experts, ALGO could reach an average price of $0.53, the lowest possible price of $0.46, and the best possible price of $0.55 by the close of 2023.

The website that presents good quality and free-of-charge technical forecasts for cryptocurrency rates projects Algorand to trade for a coin at an average price of $0.75, the lowest price of $0.64, and the best possible price of $0.76 by the year’s end of 2024. On the last day of 2025, Digital Coin Price expects the native asset powering the Algorand network to reach an average price of $0.94, the minimum price of $0.83, and the maximum price of $0.99.

In the long term, the financial forecasting website predicts ALGO to reach an average trading price of $1.15, the minimum price of $1.02, and the best possible price of $1.18 on 31st December 2027.

This means that investing in ALGO could see a return of 140% in the short term and 400% in the long term.

Don't Miss: Algorand Price Prediction

✅ Algorand Has a Relatively Faster Scaling Time 

It is a known fact across crypto circles that Ethereum has a first-mover advantage when the topic of smart contracts is introduced on a discussion table. Ethereum continues to dominate decentralized finance (DeFi). Vitalik Buterin’s innovation continues to see more total value locked in its decentralized applications (Uniswap, Aave, Maker, and Yearn Finance), among others. EOSIO and the TRON network control a substantial part of the DeFi market as well.

Unfortunately, these blockchain networks cannot scale transactions faster than Algorand. Because Ethereum followed the path of Bitcoin, Litecoin, and Dogecoin, it is unable to process thousands of transactions per second. This is the primary reason why former ERC 20 tokens Binance and TRON decided to move on to their respective Binance Smart Chain and the Tron Network.

At the time of writing, Ethereum processes 15 to 30 transactions per second. Binance Smart Chain processes more than 300 transactions per second. Tron processes approximately 2,000 transactions per second. As per information retrieved from CoinMarketCap, the Algorand Network processes almost 1 million transactions per day as of December 2020.

According to founder Silvio Micali, Algorand keeps on growing and continues to see approximately 500,000 transactions per day in 2021. This is because more than 500 companies are busy using layer-1 smart contracts and other functionalities to develop applications. 

Some of the statistics given out included the 2021 PERFORMANCE of Algorand. It was pointed out that BLOCK PROPOSAL TIME will remain 0.5 seconds although the block size of Algorand will grow from 5,000 to 25,000 transactions. Additionally, BLOCK FINALIZATION TIME will shrink from 4.5 to 2.5 seconds. Finally, the transactions per second (TPS) will grow from 1,000 to 46,000.

Since scalability continues to be a problem for Ethereum, Algorand reaching such a milestone could lead more developers to its blockchain. In the long term, the greatest beneficiary is going to be its native asset ALGO. More liquidity will be poured into the asset on the platform. With its relatively cheaper price and accessibility across top cryptocurrency exchanges, ALGO could trade above its all-time high price of $3.28.

CoinPedia believes ALGO could reach the best possible price of $0.7 in 2025. In the next 3 years, CoinPedia thinks ALGO could return 220%.

✅ Algorand Has Impressive Use Cases 

There are 100s of organizations across Startups, Financial Services, Financial Technology (FINTECH), and Decentralized Finance (DeFi) that continue to build on Algorand. This is the primary reason why the Algorand Foundation and Algorand Incorporated continue to create a healthy ecosystem that supports their vision of the future of finance. 

Algorand has use cases in terms of infrastructure, supply chain, identity, securities, financial institutions, gaming, DeFi, insurance, stablecoins, daily assets, environmental, and government/public sector.

Some of the use cases of Algorand include decentralized finance solutions for artists called Opulous, crypto-asset broker, Voyager, payment solution network, Bleumi, and blockchain data and analysis platform Chainalysis

To give you an idea as to the mileage Algorand is gaining through its use case, let us consider SIAE as a thesis to arrive at a strong conclusion. On Wednesday, 24th March 2021, it was announced on Algorand’s blog that the largest collective management organization, SIAE, and Algorand have entered a partnership. This alliance would see the creation of a blockchain-based open platform that allows transparent and efficient management of the rights of authors.

Why is this important? More than 4 million non-fungible tokens (NFTs) have been created that will represent the rights of more than 95,000 SIAE members. This also means that all the works of the artists that SIAE has represented for over 139 years would be immortalized because of the innovation of NFTs. 

How does this impact ALGO? There are no other native tokens aside from ALGO on Algorand. NFTs are not merely made to be displayed; they can be monetized to bring passive income. On the other hand, they could be sold outright for huge sums of money. Since ALGO powers Algorand, the cryptocurrency would be involved in numerous transactions. This would positively impact its price and market valuation in the long term. 

What’s more, because Algorand has hundreds of companies that can testify to its authenticity, credibility, scalability, and security, more companies will prefer adopting Algorand to other competitors. 

Once this happens and Algorand can move from the current 1,000 transactions per second to the presumed 46,000 transactions per second before the end of 2021, ALGO will be flowing effortlessly in a thriving ecosystem.

Such increasing use cases are the primary reason why Coin Price Forecast believes it is worth investing in ALGO. According to the experts, ALGO could command the best possible price of $0.27 by the end of 2023. The novel token of the smart contracts blockchain could trade for a coin at the best possible price of $0.33 on the last day of 2024, and $0.34 by the year’s end of 2025

In the long term, Algorand could continue to benefit from the boom in decentralized finance, non-fungible tokens, and possibly the creation of central bank digital currencies. This is why Coin Price Forecasts estimates ALGO to command trading prices of $0.42 (2026), $0.5 (2027), $0.58 (2028), $0.58 (2029), and $0.64 by the end of 2030.

The crypto prediction portal expects ALGO to test $0.67 on the last day of 2032, and $0.73 by the close of 2033.

Check Out: Why Algorand Will Skyrocket

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

The Cons Of Investing In Algorand

What are the demerits of investing in Algorand? 

A crypto project like Algorand does not have many flaws. Unfortunately, its novel token, ALGO can be impacted by events that are not directly related to activities on its issuing authority. There are cryptocurrency prediction portals that are not that bullish concerning the future of ALGO. They are extremely conservative and believe several factors could hamper the growth of the crypto trading asset. To better understand how ALGO could be impacted negatively, let us assess the cons of investing in ALGO which may not make it a good investment. 

❌ Crackdown on Indirect Players of Cryptocurrencies 

The easiest way to end something is to go directly at it. Fortunately, as the old saying goes, there are many ways to kill a cat. This is gradually becoming evident in how cryptocurrencies are experiencing crackdowns. 

It started with China in 2017 which was followed by Japan in 2018. In April 2021, Turkey announced a ban on the use of cryptocurrencies. In May 2021, China reiterated its stance on the use of cryptocurrencies in the country. It followed this by ending cryptocurrency mining in one of Bitcoin’s biggest mining hubs in the country. 

In late June 2021, the United Kingdom’s Finance Conduct Authority (FCA) issued a ban on the largest digital cryptocurrency exchange, Binance to stop its citizens from losing more money. As if that wasn’t enough, on Tuesday, 6th July 2021, it was announced across major news outlets that China has banned financial, payment institutions from cryptocurrency business.

According to Reuters, institutions including online payment channels and banks would not be allowed to offer clients any services that involve cryptocurrency. This includes registration, trading, clearing, and settlement. The three bodies involved in the decision (Clearing Association of China, the National Internet Finance Association of China, and the China Banking Association) pointed out that there are several risks associated with the trading of cryptocurrencies. The major one was attributed to the assets not having any real value. 

As it appears, it seems regulatory bodies are finding new ways to prevent the use of cryptocurrencies. They are not issuing direct statements on whether they are bad or are used in illegal activities. They are gradually preying on the institutions that facilitate such transactions. Once all these institutions experience the heat from such strong regulatory bodies worldwide, it will be exciting to see how the digital assets are going to respond in terms of price. 

This could impact negatively on ALGO. This is because, despite the quest of regular citizens to move into a decentralized economy, you always have to deposit and exchange fiat for crypto. Once fiat cannot be converted to digital assets, the end may become nearer than expected. 

In the long term, if such crackdowns continue, the whole decentralized finance market may collapse. ALGO could surely go extinct with it and lead holders to suffer irrecoverable losses in the process. 

Who knows, maybe this is why the Economy Forecast Agency, popularly known as the Long Forecast has been extremely conservative in its predictions. 

According to the experts, ALGO could close 2023 with a trading price of $0.09. The cryptocurrency will close 2024 with a trading price of $0.12. In the long term, the native asset of Algorand will command the best possible prices of $0.18 by the year’s end of 2025 and $0.24 on 31st December 2026. 

❌ Ethereum Has the First-Mover Advantage 

It would have been best if Algorand introduced smart contracts and decentralized finance first. Unfortunately, it didn’t and this is why Ethereum will always be in the minds of DAPP developers when they have an innovative solution they want to put out there. Ethereum leads in decentralized lending, insurance, exchange, and yield aggregation.

Aside from this, more DAPPS are being created when you take into consideration development activity in the las 30 days. Ethereum had 466.55 developers working on its network that would culminate in the addition of more DAPPS to the already existing ones. So long as Ethereum continues to control more than half of the market, its novel token Ether (ETH) will continue to be the second-largest cryptocurrency by market capitalization.

Moreover, its network will also see more activity. With Ether powering the network, who knows, it may become the 2nd cryptocurrency to surpass the $1 trillion milestones in terms of valuation. 

❌ Infinite Competition from other Smart Contract Chains 

When Algorand joined the market in 2017 and launched its mainnet in 2019, there were cryptos already in the market. It may come as a surprise to several DeFi skeptics that there are more than 17,000 coins on the market. This is astounding considering the total cryptos in the market were less than 10,000 in March 2021.

This means that the likes of Internet Computer that launched in May 2021 and others have joined the crypto boom. Aside from Internet Computer (ICP), Algorand faces competition from well-established projects such as Stellar which sees huge volume from its DeFi apps, Tron Network, Binance Smart Chain, and EOSIO which continues to form partnerships and embark on upgrades.

Algorand will have to carry on improving its network or innovations could take their place. In the long term, the competition from smart contract chains could continue to see ALGO undervalued.

Where Can I Buy Algorand (ALGO)? 

Due to the crackdown on the cryptocurrency market, it will be in your interest to find a credible cryptocurrency exchange. As an e-learning organization that has educated millions of people through our resourceful articles, we would like to recommend eToro as the exchange of our choice.

eToro has been in business for a long time. It is not among the cryptocurrency exchanges that were created in the last 10 years to take advantage of the boom in digital assets. Follow the steps below and start the journey of investing in Algorand (ALGO).

The first step is to create an eToro ACCOUNT. As a centralized organization, you cannot remain anonymous. This is for your safety. eToro will request details such as full legal name, residential & email address, and phone number.

The second step is to VERIFY YOUR ACCOUNT. The first phase of this process will be the verification of your phone number and email address. Once this has been done, eToro will request you to upload preferably a government-issued identification card that comprises your signature and confirms the details of the earlier input. To confirm your address, eToro more often than not asks for your credit or bank statement to verify your billing address.

The third step is to UPLOAD FUNDS. Although we are doing all we can to rid ourselves of fiat currency, without it you cannot buy ALGO and other cryptocurrencies. Choose from a range of options of payment methods, the one that suits you. Upload an amount of money you can afford to lose.

The fourth and final step is to NAVIGATE to the ALGORAND PAGE. On this page, you will be able to buy 1 or several ALGOs. It will be processed and the tokens will be added to your account.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Will Algorand (ALGO) Be A Millionaire-Maker?

Algorand (ALGO) is a millionaire maker coin. ALGO has a market capitalization of $2.8 billion. This categorizes it under a medium-cap asset. As we have discussed throughout the article, the market value of the digital asset will continue to rise as blockchain technology becomes more widely accepted by thousands, if not millions of people.

Being a finite resource, ALGOs price is likely to increase in the long term. This is because once an asset becomes scarce; the resultant effect is normally a price increase. Please remember that any investments whether physical or digital come at a huge risk. Invest an amount of money you can write off as bad debt and see where it can take you as per your investment goals.

So, is Algorand (ALGO) a millionaire-maker coin? ALGO could become a millionaire-maker in this practical way. You should take into consideration the price of ALGO, the amount of money you have set up to risk, and a forecast by a credible cryptocurrency portal.

Gov. Capital believes ALGO could reach the possible price of $6.25 in the next 5 years. At $0.22, buying 160,000 ALGOs will set you back $35,200. Suppose the long-term forecast of ALGO is tested someday, your investment could be worth (160,000 multiplied by $6.25) which will equal $1,000,000 (millionaire maker).

Read Also: Will Algorand Make Me Rich in 10 Years?

Conclusion: Is Algorand (ALGO) A Good Investment? 

Algorand is a good investment as per experts at Ripple Coin News. According to analyst Gracie Perez, ALGO could command the best possible price of $6 by the end of 2022 based on the development of its platform and optimization of its apps.

With that said, you should always note that most investments come down to risks and rewards. You must always ask the question, do the potential rewards of investing in Algorand exceed the possible consequences of the risks?

Algorand certainly has risk factors such as infinite competition from other smart contracts blockchains. In addition to this, it does not have a first-mover advantage in terms of the creation of D(APPS). What’s more, it is not among the most popular cryptocurrencies and could go extinct if a major crackdown should befall the whole space in the future.

Have You Considered Investing In Algorand (ALGO)? 

On the other hand, Algorand is becoming popular in the decentralized finance space due to the more than 500 companies that employ its innovative solution.

The current trading price of ALGO (< $1) provides a low barrier of entry for unsophisticated traders and investors. With its impressive returns in 2021, ALGO presents a great opportunity for sophisticated investors to add one more digital asset that shows promise to their portfolio. 

To put it simply, ALGO is a low-risk investment with lots of potential rewards. It will be great if you use this fundamental analysis as a supplement to the independent research you have or will be conducting. This will help you make a great decision on ALGO.

The real question therefore is, is it worth investing in Algorand (ALGO)? For investors who had faith in ALGO on 1st January 2021, they received a 335% return by the end of 2021. ALGO has done well for them and may do well for you too.

Now that you have been informed about the pros and cons of investing in Algorand, if you want to start investing in ALGO right away, you may be pleased to know that eToro provides the ability to trade with crypto assets and CFDs on up to 90 cryptocurrencies.

eToro – Best Platform To Buy Algorand

eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

FAQs

What is Algorand Used For? 

Algorand is used by developers to create cryptocurrency-fuelled applications. Algorand has been used in microfinance, copyright, real estate, and more.