Learn more about the pros and cons of investing in Cardano in 2021 to find out if investing in Cardano is a good idea for you.
Wondering ‘Should I invest in Cardano?’ or ‘is Cardano worth buying?’ Perhaps you’re not sure if Cardano is still a good investment? We’ll break Cardano down by looking at the pros and cons!
After an excellent start to 2021, Cardano (also referred to as ADA, its token) just might be the missing piece in your investment portfolio.
In this article, we’ll cover why you might consider investing in Cardano in 2021, the pros and cons, and what exactly to look for in this crypto.
Before investing in Cardano, you must understand what it is that you’re getting into. Only then can you really judge if ADA is a good investment for 2021. Investing without the knowledge beforehand can be extremely risky.
Cardano is not just another form of cryptocurrency, like Ethereum or Bitcoin, but a new kind of decentralised blockchain-based platform that features a variety of nuanced differences.
So, let’s learn more about Cardano - one of the leading cryptocurrencies worth watching this year. But first, what is Cardano in the first place?
What Is Cardano?
Before we analyse the benefits and downsides of holding and investing in Cardano, we should explain more about the actual coin.
Cardano is a decentralised public blockchain-based platform that is also one of the first open-source and peer-reviewed networks in existence.
It aims to deliver advanced features based on a rigorous scientific and research-based process.
Cardano was created by Input Output Hong Kong and led by founder Charles Hoskinson who was one of the many co-founders of Ethereum and has also worked on Bitshares and Ethereum Classic.
Early on, they assigned academics and specialists from various educational institutions the task of reviewing Cardano’s protocol.
The main aim was to create a third-generation platform that can improve smart contract deployment and resolve the scaling issues of Bitcoin, a first-generation coin.
No wonder why many experts believe that if Cardano fulfils its promises, it may replace Ethereum, a second-generation coin.
Cardano uses two layers: one to settle transactions and one for smart contracts; the Cardano Settlement Layer (CSL) and the Control Layer, respectively.
The heart of Cardano is its proof of stake algorithm called Ouroboros. Unlike proof-of-work protocols, Cardano’s protocol is less energy-consuming and more affordable.
(Curiously enough, Ouroboros is an ancient image of a dragon eating its tail.)
How Does Cardano Work?
Cardano has a unique two-layered architecture. As stated above, one is used to handle transactions with minimal transaction fees, the other one is used to run smart contracts and decentralised apps.
It’s noteworthy that unlike proof of work protocols, proof of stake blockchains do not require a massive amount of electricity and are more environmentally friendly.
Yet, the Ouroboros protocol is quite different from other proof-of-stake algorithms. The blockchain is split into epochs, which are made of fixed periods called slots.
There are slot leaders that are responsible for adding blocks. They must create 50% transaction blocks within a single epoch, with blocks being approved by input endorsers whose election is based on their stakes.
To ensure unbiased participation and fair validation processes, Cardano has employed a multi-party computational system, which acts as a digital coin toss.
Economic rewards are split between the input endorsers, multi-party computation stakeholders, and slot leaders.
With its scalable consensus mechanism, Cardano’s model also allows more transactions to be processed per second, which helps it remain competitive with traditional payment systems, such as Visa.
What Is ADA?
Cardano’s native coin is called ADA and also uses the symbol â‚³. ADA has a limited supply of 45 billion coins. Currently, there are 31.95 billion coins in circulation.
Interestingly, ADA gets its name from the 19th-century mathematician and writer Ada Lovelace (the daughter of Lord Byron) who proposed the first mechanical computer.
Being a decentralised cryptocurrency, ADA is an attractive asset across different industries as it provides increased transparency and procedural efficiency.
So far, the company behind Cardano, Input Output Hong Kong (IOHK), has been offering different services, including:
- Atala SCAN that aims to protect users from counterfeit goods and unauthorised pharmaceutical products;
- Atala PRISM that provides a tamper-proof ecosystem for academic certifications and credential issuance;
- Atala Trace/EMURGO for product certification in the agricultural sector.
Of course, ADA can be used also as a payment method or a voting tool within the ecosystem.
But what are the other advantages of investing in Cardano in 2021?
Related: Can Cardano Make Me Rich?
Would You Consider Investing In Cardano (ADA)?
The Pros of Investing In Cardano
What are the benefits of investing in Cardano?
Knowing the pros of investing in Cardano is essential to help you decide for yourself if ADA is a good and potentially profitable investment.
Though there may be more pros than cons, it doesn’t mean you should look at them quantitatively - some cons may outweigh several pros!
So, here’s a quick look at the pros of investing in Cardano.
âœ… Great development team:
Founded by Charles Hoskinson and Jeremy Wood, co-founders of Ethereum, Cardano gained a lot of popularity after its official release in 2017. Cardano is also peer-reviewed to ensure there are no weaknesses in the protocol (more on that below).
Note that to prevent bugs and hacks, Cardano tested various protocols and developed an advanced blockchain.
âœ… Academic backing:
As mentioned above, Cardano benefits from being one of few coins that has been reviewed by academics who largely praise it.
Further to that, many academics work for IOHK and write papers on what they propose the project do next to improve Cardano.
This gives Cardano a lot of credibility that most coins do not have and is very useful for those who want to learn more about Cardano too.
âœ… Cardano uses multiple layers:
This is one of the main advantages of Cardano.
By implementing a settlement layer and a computational layer, Cardano ensures unlimited scalability and quick transactions.
It also allows updates to be performed without interfering with payments and transactions.
âœ… Open-source platform:
Cardano’s potential as a fully open-source platform with a code written in the Haskell programming language is also worth considering.
Here we should note that Haskell is a functional language that is all about functions and blocks that perform tasks when needed.
âœ… Third-generation blockchain:
Cardano is proclaimed to be a third-generation blockchain. It is considered to be more reliable than other cryptocurrencies as ADA keeps overcoming challenges that other platforms have encountered.
It is also more scalable than Ethereum (second generation) and more decentralised than Bitcoin (first generation) as it scales horizontally (through its protocol Ouroboros Hydra).
âœ… Cardano is secure:
Cardano is a proof of stake protocol that ensures mathematically proven safety. Given the increased number of cyberattacks in the crypto sector, there’s no doubt that security is crucial.
Note that Cardano’s system has unparalleled plans for managing security and privacy.
Read Also: Is Cardano a Good Investment?
âœ… Cardano can provide digital identity:
Just like other cryptocurrencies, Cardano relies on decentralisation. The good news is that Cardano can provide digital identity to unbanked citizens throughout the globe, especially in developing countries across the globe.
In fact, Cardano has started to cooperate with over 54 countries. Note that according to the World Bank, the world’s population with no access to financial services is over 1.7 billion.
âœ… Growing presence in Africa:
In 2021 Cardano alongside its commercial arm Emurgo, began working on their ‘Africa strategy’, where they plan to boost adoption across the continent by using it to solve real issues.
So far, they have been most successful in Ethiopia in what has been called ‘the biggest blockchain deal ever’.
According to Cardano Africa, by partnering with Ethiopia’s Ministry of Education, they aim to provide a digital identity for millions of students and teachers.
The idea is that this will better monitor school performance and verify grades, which they hope will boost education.
This all fits with what Hoskinson is planning to do with Cardano, previously stating: “My goal is to run countries on this blockchain”.
These lofty aims show how far Hoskinson believes Cardano can go, entering all parts of how the world functions.
Furthermore, if Cardano boosts popularity in the third world, it may end up taking the lead around the world in terms of adoption.
âœ… Companies are ‘flocking’ to Cardano:
The number of companies investing in Cardano is predicted to increase with the announcement of Cardano’s recent upgrade and the surge of Cardano’s price.
Charles Hoskinson more than a hundred companies are looking to switch from Ethereum to Cardano.
(Do note though, there is some speculation over the validity of these claims - we’ll dive more into Hoskinson and his claims in a moment!)
Interestingly Rhodilee Jean Dolor of Finbold noted that amid the increasing adoption of Cardano, Google searches for ‘Cardano news’ in the last 12 months had peaked in several countries.
Most notably the Netherlands, Ireland, Australia, Switzerland, Singapore, Austria, Germany, the UK, South Africa, and Belgium.
It is suggested that we may see more adoption of Cardano in these countries.
âœ… Cardano is now listed on Coinbase:
As of the 16th of March 2021, Cardano joined Coinbase which is a huge achievement because Coinbase is generally very careful with the coins they decide to list. They don’t just list any coin.
To give you an example of how cautious Coinbase is, at the first sight of Ripple’s debacle with the SEC, they cut them loose!
Cardano’s availability on Coinbase will make it easier for more traders to purchase it which will likely increase trading volume.
âœ… Cardano’s price increased by 720% in the first two months of 2021:
As we mentioned at the beginning of the article, Cardano has had an amazing 2021 so far.
According to Capital.com, Cardano’s price had increased by 720% by the end of February 2021 since the start of the year, reaching an all-time high.
Cardano even managed to overtake Binance Coin and Tether in terms of market capitalisation too! And temporarily became the third-largest coin.
This shows us the kind of potential Cardano has.
Check Out: Cardano Price Prediction 2021-2024
âœ… Proof of stake algorithm:
Cardano was one of the earliest adopters of the proof of stake algorithm which is seen by many as more efficient than proof of work.
Proof of stake is said to reduce the amount of computing power needed which means that it is more energy-efficient, cheaper and better for the environment as well.
Hoskinson, when discussing Bitcoin, which uses proof of work, said to The Independent:
“Bitcoin’s energy consumption has more than quadrupled since the beginning of its last peak in 2017 and it is set to get worse because energy inefficiency is built into Bitcoin’s DNA”.
Theoretically, this should not be the case with Cardano.
âœ… Cardano can host assets without needing smart contracts:
The Mary hard fork which took place on the 1st of March, finally made Cardano a multi-layered blockchain (delivering one of their primary promises).
But also, as equally interesting, it gave the platform the ability to host other assets on the Cardano blockchain from other blockchains and custom tokens, without needing to create smart contracts (like Ethereum requires), and no need to customise code to do it.
This upgrade likely drastically increased the price of Cardano in early March, bringing it to its current valuation.
âœ… Further upgrades are coming very soon:
Aside from the Mary hard fork, the Cardano team is planning on releasing their Goguen update at some point in the first quarter of 2021.
While it appears that they are running a little late (not too surprising), this upgrade could finally allow developers to build smart contracts and dApps on Cardano!
If Cardano manages to pull this off, it might just skyrocket in value.
âœ… Cardano is now fully decentralised:
At the beginning of April 2021, it was announced that Cardano had finally achieved 100% decentralisation! A huge milestone.
What this now means is that block production is now in the hands of the network’s stake pool operators. This is a major achievement that will likely add value to Cardano over time.
Samyuktha Sriram of Benzinga, also points out that this theoretically makes Cardano more decentralised than Bitcoin, saying:
“In contrast to Cardano, Bitcoin’s blockchain is largely in the hands of the ten most prominent Bitcoin mining pools, which account for 85% of the network’s block production”.
He then goes on to explain that this also means that the Cardano network is more secure as diversifying block production decreases the chance of a 51% attack.
âœ… Cardano price predictions for 2021 look positive:
Looking into the wealth of Cardano price predictions online, it becomes pretty clear quite quickly that experts do not believe Cardano has finished increasing in price.
Elsewhere, The Economy Forecast Agency is even more bullish, predicting that by December 2021, Cardano could reach a low of $3.84 and a high of $4.76.
Trading Beasts is the most grounded in their predictions for Cardano, believing that by December 2021, it will be between a low of $1.91183 (which is still higher than the current price at the time of writing) and a high of $2.81151.
On the other end of the spectrum, Coin Price Forecast is the most bullish on Cardano’s future price. They predict that by the end of 2021, Cardano could reach $5.61, an increase of +239%.
The Cons of Investing in Cardano
While Cardano has some impressive advantages over other coins, both traders and investors should be familiar with the cons of investing in ADA to make an informed decision.
Like any investment, putting your money into Cardano isn’t risk-free. Here are some serious drawbacks of investing in Cardano:
âŒ Cardano is still in development:
Though Cardano is known as the ‘academic blockchain’ that has undergone essential review and testing, the truth is that Cardano is still developing, and is developing slowly.
This is by far the biggest reason to be cautious of Cardano!
While trying to keep up with competitors and tech advancements, Cardano takes its time to develop.
Cardano is still primarily working on its scalability aspect and while cryptos like Ripple can process 1,000 transactions per second, Cardano can process only 257 transactions per second, theoretically.
Indeed, Cardano is very much behind where it should be with many delays pushing back releases in the past.
But perhaps the most worrying of them all is that Cardano does not have smart contract and dApp capabilities yet!
Yes, while we mentioned the Goguen upgrade should be happening soon to add these features, until it is implemented this is definitely a con as we cannot rely on these promises.
This is a major concern because they are the primary features we are all waiting for! (As it would mean Cardano could be a viable alternative to Ethereum.)
It increases the fear that most of Cardano’s value is based on hype. Insisting that they are the best in research papers but not delivering much in the way of evidence.
Unfortunately, investing in Cardano at this point is largely speculation until they deliver.
âŒ Cardano wants to implement a voting system:
Though having an open voting system where upgrades can be proposed and voted for or against is an appealing factor, there is one possible drawback.
Simply because token holders are not always tech-savvy and may vote for an unreasonable decision!
Ethereum’s proof of stake researcher Vlad Zamfir claims that on-chain voting can be dangerous and may force changes on full nodes.
âŒ Issues with its synchronisations between ledgers:
Though Cardano has implemented a unique algorithm, some critics claim that Cardano’s assumptions that ledgers will be synchronised at any given point of time are unrealistic for a global blockchain.
On top of that, many say that double-spending or 51% attacks are still possible. Input endorsers, for instance, may end up approving the same transactions from two slot leaders.
âŒ Having multiple chains is now old news:
When Cardano first appeared on the crypto scene, the idea of multiple chains working together was brand new. No one else had thought about this idea until then.
But times change and people catch up. Now Cardano has to contend with many projects that also have multiple chains such as Binance Coin’s Smart Chain (which works separately from their primary chain) and Polkadot.
Unfortunately, that’s just one of the downsides of being open-source, all open-source cryptos face this risk.
Hopefully, Cardano will surprise us with more unique ideas. If not, we might not see it around for much longer.
âŒ Being technologically better does not speed up adoption:
The Cardano team does a lot of boasting about being technologically better than a lot of other cryptocurrencies out there, but that does not mean that any more people will rush over to adopt them.
Unfortunately, just saying you are better does not make you better and will not instantly grant you a loyal following.
The reality is that people do not always choose the ‘best’ product to use or buy. They can choose products or services because they find them more trustworthy, cheaper, more user friendly, for a specific feature, or perhaps just because it’s more popular.
In Cardano’s case, it will have a tough time beating Ethereum and the Binance Smart Chain which are already very popular. Why leave a very active community for a quieter one?
And, as mentioned in the point above, technology can always be caught up on. With more developers at Ethereum’s disposal, they can easily absorb many of Cardano’s unique advantages.
âŒ Charles Hoskinson can be his own worst enemy
You can’t write an article about Cardano without mentioning Hoskinson several times! (He’s turning into a bit of an Elon Musk of crypto.)
Charles Hoskinson can be a bit of a controversial figure, with some labelling him as egotistical, particularly when communicating to people online.
There have also been several incidents where he has had to backtrack on comments he has made, such as the comment we mentioned about 100 companies jumping ship from Ethereum we mentioned above.
But this is just the tip of the iceberg. YouTuber Chico Crypto has unearthed what he believes to be questionable motives of Hoskinson, largely revolving around the short time IOHK worked with Ethereum Classic.
While we may never know the whole story, Hoskinson also had a major falling out with Dan Larimer (the founder of EOS) when the two worked on Bitshares too.
However, it is difficult to take all the allegations against Hoskinson seriously. Some may just be an attempt to slander him and lower the price of ADA.
You may wonder why this drama is so important. Quite simply, it can damage Cardano’s perception which can negatively affect the price.
âŒ 74% of all ADA tokens are staked:
Numerous pundits believe that the primary reason why Cardano has risen in price so much in 2021 is that most ADA tokens have been staked and are not moving!
According to Staking Rewards, at the time of writing, 74.01% of all ADA is staked, which is a huge number of tokens.
With this much ADA staked it creates scarcity. This is because these tokens are not moving, making it harder to get hold of the coin and therefore increasing the price (demand appears to outweigh supply).
This can be considered a con because it creates this false perception that ADA is increasing in price because of some kind of achievement when that is very much not the case.
âŒ Highly suspicious marketing strategy in Japan:
Interesting fact for you: Cardano is sometimes nicknamed the ‘Japanese Ethereum’ because much of its initial ICO investors (supposedly 95%) came from Japan and made up the bulk of the $63 million it acquired to get started.
However, Cardano’s ICO was fraught with controversy in Japan, with claims they were targeting the elderly and were associated with several shady figures, such as Tadashi Izumi, who worked on ‘scamcoin’ NoahCoin.
Hoskinson has denied these claims, but it still doesn’t sit well with some traders.
âŒ High level of risk:
Just like all other cryptocurrencies, there is a high level of risk involved in investing. Cardano is no exception.
In Macroaxis’s analysis of Cardano’s volatility over the last 90 days, they summarised that it was “unreasonably risky”.
Furthermore, they believe that Cardano is 9.27 times riskier than DOW and that “57% of all equities and portfolios are less risky than Cardano”.
Sheldon McIntyre of FXStreet, writing in late March 2021, suggested that ADA could be at risk of a 30% decline, stating that “Cardano price risk greatly outweighs reward”.
That said, we should remember that the cryptocurrency market can change very quickly in a short amount of time. News price forecasts can age very badly, very quickly.
Conclusion: So, is Cardano a Good Investment?
Yes, despite all the criticism, Cardano is likely a good investment. In fact, Cardano is more than a good investment.
It currently ranks sixth by market capitalisation, as reported by CoinMarketCap.
Since the total number of tokens is limited, the risk of inflation is also limited as the demand for the coin continues to grow.
There are also many technical advantages, such as Cardano’s proposed decentralised nature and layered architecture that make Cardano a good investment.
That said, to answer if ADA is worth holding, we should consider a wide range of factors and potential risks.
Cardano’s success also depends on the number of smart contracts and dApps it would be able to host. While its peer-reviewed nature makes it secure, there is a lot to develop further.
It can only be said that ADA has a good chance to get its fair share in the crypto investment sector.
It is moving upwards and has been steadily occupying CoinMarketCap’s Top 10 in terms of market cap and trading volume, at points reaching third-largest in early 2021.
Cardano’s low entry level makes it an attractive investment for traders and beginners, as well as long-term investors. ADA is also the right choice for people who simply want to diversify their portfolios.
Put simply, Cardano is a low-risk investment (at least low in comparison to other cryptos) with lots of potential rewards. It’s something you should definitely do some research on before you consider adding ADA to your portfolio.
How Much to Invest in Cardano?
Ideally, you should not invest more than 1%-2% of your portfolio in Cardano (or any financial asset for that matter). This is a common practice amongst experienced traders. E.g., if you have $100 to invest in different cryptos, only invest $1-$2 max.
Investing more could be risky as your portfolio would be too tied to the value of Cardano. You should only invest an amount you are comfortable losing. You shouldn’t be stressing over every up and down in the price - that’s a sign that you have invested far too much.
When planning to open a position on Cardano, it would be wise to analyse the swings and pinpoint the best prices to buy. Ideally, you should be able to see a trend.
Long-term investing in Cardano may pay off the most. Remember, Cardano is typically slow in upgrades and doesn’t have many deliverables yet. If you buy now, it will likely be best to wait a few years to see if it can really pick up in value and deliver something.
As stated earlier, ADA’s current prices make it an attractive asset for both beginners and experienced traders.
Yet just because investing in Cardano is highly accessible that doesn’t mean you should risk all your savings. Never invest more than you can afford to lose!
Remember that cryptocurrencies are highly volatile and investing in ADA can be risky.
But here’s a titbit: buying ADA can be easy. With eToro you can buy and sell ADA and trade CFDs of up to 90+ crypto pairs.
Ready to Invest In Cardano (ADA)?
Can Cardano Make You a Millionaire?
With a market cap of $54,038,509,626 (at the time of writing), we can say that Cardano is already a millionaire maker. And not just for traders who got in early if its price continues to rise.
Cardano most certainly has made Charles Hoskinson a millionaire. Supposedly, his wealth is somewhere between $500-$600 million, according to Market Realist.
Hoskinson even considers himself a billionaire. Stating in an article by The New Yorker:
“I’m basically a billionaire. At this point, I couldn’t care less about those six months of my life with Ethereum”.
It’s highly suggested that when he refers to himself as a ‘billionaire’, he likely means the value of the ADA tokens he has.
Interestingly, though Bitcoin is the largest coin in terms of market cap, ADA has been outperforming Bitcoin in the past months. Cardano grew by more than 720% in the first few months of 2021!
The general bullish trend now makes leading coins like ADA a profitable investment as well.
Most forecasts agree that ADA will continue to increase amidst the bullish momentum in the crypto sector.
And many believe that the coronavirus pandemic will lead to increased use of cryptos and blockchain technology, which could lead to an increase in ADA’s value.
Here we should note that ADA’s previous all-time high value took place on 4th January 2018, when it reached $1.33. ADA has since smashed that record by reaching $1.83 per coin in 2021.
Read also: What Will Cardano ADA Be Worth in 10 Years?
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If you have learnt anything from Pros and Cons of Investing In Cardano, Will It Be A Millionaire Maker, make it these key points:
- Cardano is one of the leading blockchain platforms. They introduced the idea of multiple chains and were one of the first to adopt proof of stake.
- Charles Hoskinson’s erratic behaviour sometimes gets him in trouble. This may cause issues with Cardano’s price if he is not careful.
- Cardano’s native token ADA has seen an impressive increase compared to other digital giants. Some experts claim that its value may reach over $2 in the years to come.
- Investing in Cardano remains a risky financial venture. Primarily because it is still in development.
Do you think that Cardano’s pros outweigh its cons?
If you liked our article Pros and Cons of Investing in Cardano, then please share it with anyone who might be interested in cryptocurrency and blockchain technologies.
Here are some common questions you might still have about Cardano!
Is Cardano (ADA) better than Ethereum (ETH)?
Though Cardano has a more effective staking mechanism than Ethereum - with Charles Hoskinson claiming that Cardano has the best code in the cryptocurrency sector - Cardano is still in development, so it’s too early to tell.
While Cardano has a promising future, figures show that Ethereum is still a leader in the smart contract and dApps deployment sector, currently ranking second in terms of market cap, coin price and trading volume.
Is Cardano better than Bitcoin?
Theoretically, Cardano is technically better than Bitcoin. However, in terms of investment, Bitcoin is likely better than Cardano at the moment.
It is also important to distinguish that Bitcoin has become a ‘store of value’ while Cardano is part of a different cliche of the crypto scene related to smart contracts and dApps.
Cardano may be technologically better, but BTC is far more popular. And it is this popularity that gives Bitcoin its value.
How to invest in Cardano? What’s the best way?
There are several ways in which you can invest in Cardano. Probably the best and safest way is via a broker in the form of a CFD (e.g., eToro, as mentioned above).
You could also buy ADA from a crypto exchange, but it may be more complicated and riskier as exchanges have a history of getting hacked.
If you do go down this route, do note that the Daedalus wallet is designed for storing ADA by the Cardano team.
How much Cardano do you need to be a millionaire?
You would need approximately 579541.81 ADA to be a millionaire, according to Coinmill at the time of writing.
Do bear in mind that in the last month, according to CoinMarketCap, Cardano has ranged between a low of $0.9352 and a high of $1.83. This significantly changes the amount you would need to be considered a millionaire.
Who owns the most Cardano?
It is widely believed that Charles Hoskinson owns the most Cardano. Based on his predicted net worth ($500-$600 million), it could mean that he owns somewhere between 289770905.82 and 347725086.99 ADA tokens, according to Coinmill.
It is also worth noting that Hoskinson is considered to be one of the richest people in crypto at the moment.
What is Cardano’s TPS (transactions per second)?
Cardano processes approximately 257 transactions per second according to a test conducted in late 2017, but supposedly it can handle over one million transactions per second.
According to Bitni, a new block is added to Cardano every 20 seconds. They also mention that, like many other cryptos, you can pay higher fees to get your transaction approved quicker. On top of that, a ‘safe transaction time’ is typically between 5-10 minutes.
It is also important to note that as Cardano grows in popularity, these numbers will likely change depending on how well it can handle congestion.
Interesting to note, as per data from Statista, Cardano transactions per day shot up dramatically in February 2021 averaging 35 thousand. This then peaked at 44 thousand in April 2021.
Does Cardano have a future?
Yes, Cardano has a future. There are several upgrades currently in the works and many traders have invested heavily in the project.
Cardano’s future is very much tied up in its ability to deliver something tangible, such as smart contracts. If Cardano moves out of the development stage, its value will likely increase.
As crypto enthusiast Lark Davis stated on Twitter:
“[sic]#cardano smart contracts in August will probably see the price double in triple in the lead up to the event”.
But if Cardano fails to deliver something we can use, it could be catastrophic to its price.
Price predictions also seem to support the idea that Cardano has a good future ahead of itself.
Why is Cardano so cheap?
Cardano can be considered cheap because of two factors: they are yet to deliver anything major; the large supply of ADA tokens - there is a max supply of 45,000,000,000 (that’s 45 billion!).
As demand for ADA increases, the value of Cardano will increase. Note that Cardano is not considered a store of value like Bitcoin (at least for the time being).
Is Cardano a safe investment?
Yes, Cardano is largely seen as a safe investment in comparison to other altcoins. Being one of the top 10 by market capitalisation provides us with more faith than other cryptocurrencies.
The primary concern around investing in Cardano at the moment is that it is speculation as Cardano has not actually delivered much of its promised functionality yet.
What will Cardano be worth in 2030?
Do note that making predictions this far ahead is very difficult to do. Many price forecasters do not make predictions this far ahead and there’s a lot that could happen between now and 2030.
Can Cardano hit $50?
Cardano could reach $50 as soon as 2025 according to forecasts by Coin Price Forecast ($60.62-$64.46) and Cryptocurrency Price Prediction ($74.80 by January 2025).
Do remember that Cardano is quite far from reaching $50 at the moment (ranging from around $0.90 to $1.80), and so it can be difficult to say when this might happen.
Can Cardano hit $100?
Cardano could reach $100 by 2029 according to Coin Price Forecast, which forecast that Cardano could hit $101.07 midway through the year.
Again, remember that this target is still a long way away from where we are today!