Celo is one of the blockchain projects that have the potential to drive the industry to greater heights. It is designed to make the adoption of cryptocurrencies a lot easier for smartphone users. Considering the percentage of the world's population with access to smartphones, you can tell that Celo has the capacity to facilitate uncommon growth in the industry. Could it also facilitate uncommon growth in your finances?
There is no denying the fact that cryptocurrencies can make you rich if you invest judiciously. The first important step, however, is to discover the coins that are right for your portfolio. There are so many coins out there but we are going to focus on Celo. We are going to discuss the network briefly and then focus on the token, which is the digital asset you will buy when you decide to invest.
How can you tell whether Celo can make you rich in ten years? Well, there is no way to predict with certainty whether a digital currency will make you rich in the future. However, there are many ways to determine whether a digital currency has a bright future. We are going to discuss the important things you need to know about Celo to determine whether it can make you rich in a decade.
It is important to stress here that there is no "Yes or No" answer to the important question we have here. We will not offer any direct investment advice, rather we will provide all the information you need to understand Celo and its potential to yield reasonable profit in the coming years. It is important, therefore, that you read carefully to get all the details.
Content:
- What Is Celo?
- How Does Celo Work?
- How About The Celo Token?
- Is Celo A Good Investment?
- Will Celo Make You Rich In 10 Years?
- Price History Of Celo
- Recent Performance And Current Standing Of Celo
- Celo Price Prediction
- Where Will Celo Be In the Next Ten Years?
- Weighing The Pros And Cons Of Investing In Celo
- Should You Play The Long-Term Game With Celo?
- Final Words
What Is Celo?
Celo is a blockchain platform that seeks to improve cryptocurrency adoption by making DeFi products and services available to anyone with access to a mobile phone. As an innovative DeFi project, Celo tackles one of the key user experience problems with cryptocurrencies – private keys. It replaces public keys (which are basically long, scrambled strings of characters used to identify crypto accounts) with mobile phone numbers of account holders.
Celo primary goal is to make cryptocurrencies accessible to people who have been disenfranchised because of the confusing nature of public keys. Its major target as a mobile-first blockchain platform is to make decentralized apps (DApps) and crypto payments accessible to anyone with a mobile phone. As a payment infrastructure, it serves as a gateway for many unbanked people to access decentralized finance (DeFi) products and services.
In addition to improving cryptocurrency adoption among smartphone users, Celo is a reputable smart contracts platform. It allows developers to create and deploy smart contracts and decentralized applications (DApps). It is, therefore, an integral part of the fast-growing DeFi subsector. One of the core missions of the project is to build a financial system that allows everyone to access a borderless financial system and enjoy the benefits and prosperity it can yield.
Like every cryptocurrency project, Celo has a native currency. Actually, the platform is home to multiple currencies. The primary native token of Celo is called the Celo Gold and trades under the ticker symbol “CELO.” Celo Gold is also often abbreviated as cGLD, but you will find it in major cryptocurrency platforms as CELO. In this post, we will use Celo Gold, CELO, and the Celo token interchangeably.
Celo is home to stablecoins, including the Celo Dollars (cUSD), which is pegged against the US Dollar and Celo Euro (cEUR), which is pegged against the Euro. The project is bound to host other stablecoins in the future, as the needs arise. For the sake of this article, we will focus on Celo Gold (CELO) because it is the primary investment vehicle in the Celo ecosystem.
Check Out: What Is Celo? Should You Invest In CELO And Where To Buy It?
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
How Does Celo Work?
As stated earlier, Celo prioritizes cryptocurrency adoption and supports it by eliminating one of the technical barriers, public keys. Instead of these confusing strings of characters, Celo promotes the use of cellphone numbers to identify cryptocurrency accounts. Smartphone users from across the world, including those without banking access, can easily use their phone numbers to access all the DeFi tools Celo offers.
Celo’s native currency Celo Gold or CELO is the primary asset that powers the network. It is a core utility, reserve, staking, and governance token of the network. It is a Proof-of-Stake token that is used in different ways to secure the network and make it work in an organized manner.
As stated earlier, the Celo ecosystem also serves as a home to some stablecoins. These coins are less volatile because they are tied to fiat currencies like dollars and euros. In the future, Celo may host stablecoins that are tied to other global assets like barrels of oil. The stablecoins help to offer the DeFi products and services to different users across the world, based on what is preferred in their respective communities.
How About The Celo Token?
If you are planning to invest in Celo with the hope that it will make you rich in ten years, then Celo Gold is the token to think about. As hinted earlier, it is the primary asset in the ecosystem. Its performance on the market will determine whether it can make you rich in the next decade. It is important, therefore, that you learn everything you need to learn about it.
CELO is an ERC-20 token, meaning that it is based on Ethereum and compatible with most Ethereum products. It also uses Ethereum basic infrastructure to function, though the Celo network is an independent blockchain. Though it is called Celo Gold, this digital asset has no relationship to physical gold. Rather, it is a Proof-of-Stake token that serves several critical purposes in the Celo ecosystem. As a utility and governance token, it enables different levels of network participation.
CELO is used for several things in the Celo ecosystem. It can be used to settle all kinds of transaction fees within the network. It is also used for staking, which is a cool way to earn passive income by holding cryptocurrencies for a given period. CELO is used to run a validator to secure and operate some aspects of the platform. It is also used for voting for validators whose works secure the platform.
As the governance token of Celo, CELO allows for participation in governance decisions to influence the future of the platform. CELO holders have voting rights and can use them to reach agreements by voting on key governance decisions. It bestows power on the individual investors in the network, allowing them to determine the future of the platform, and in extension, the future of their investments.
Though Celo Gold is characteristically different from the stablecoins in the network, it has a relationship with them. It forms part of the over-collateralized reserve that supports the stablecoins. The protocol adds Celo Gold to the reserve anytime the supply of the stable assets increases. This way, the stability of the system is maintained.
Is Celo A Good Investment?
Before trying to figure out whether a digital currency will make you rich, you need to know whether it is a good investment. The cryptocurrency scene, however, is so complicated that determining whether an asset is a good investment can be challenging. There are many things to consider and we will discuss them here.
One of the first things to consider before describing a digital asset as a good investment is legitimacy. Is Celo a legitimate cryptocurrency platform? The answer is yes. Again, does Celo add value to the cryptocurrency industry? The answer is also yes. Celo is helping to improve cryptocurrency adoption, so it is a valuable network and its native currency is relevant to the industry.
It is also important to consider the safety of your potential investment before making a move. Celo is a safe investment, considering the reputation of the team behind the mainnet and how the system works. The Proof-of-Stake mechanism is pretty reliable, and Celo utilizes a complex voting system to select validators for the network.
Though there are several wonderful things that can make us conclude that Celo is a good investment, there are areas of concern we must never neglect. Celo may offer something unique to the industry, but its primary market is developing countries. CELO has also had a rather stunted growth when you consider the exploits of other DeFi protocols launched at the same time. Celo also faces serious competition from other smart contracts platforms that offer more value to the industry.
Depending on your attitude to risk and your investment strategy, Celo can be a good investment. To know whether it is the right coin for you, read the next parts of the post carefully.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Will Celo Make You Rich In 10 Years?
For Celo to make you rich in ten years, the value of the coin will have to be significantly better than what it is at the moment. But is that going to be the case?
There is no full-proof way to determine whether Celo will be worth so much in ten years that it will make you rich. However, there are different ways to estimate how the coin can perform in the future. One of the best approaches is to consider its past, present, and future. We will do that straight away.
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Price History Of Celo
Celo was officially launched through an initial coin offering (ICO) on 11 May 2020. The ICO token price was $1 per CELO token, and the company was only able to raise $6,500,000.
After it was made available to the public, CELO couldn't hold onto its initial $1 price, which is expected. It dropped considerably in the days that followed, reaching an all-time low of $0.7955 on May 22nd, 2020. It recovered almost immediately and was selling for $2.46 on the 24th. The coin eventually finished the month at $1.84 per token.
By June 2nd, CELO averaged $1.53. It fluctuated a little but remained within the price range. By the 14th, it averaged $1.57. It closed the month at about $1.81 and started July at about $1.75. By 13th July, CELO was still trading for $1.71 per token. It eventually finished the month at $1.77.
August was a good month for Celo Gold. It started the month at $1.78 but by 9th, it was trading for $2.11. The growth continued in the following week and the coin averaged $2.56 on 20TH August 2020. The bullish trend continued, and CELO reached $3.97 on 28th August. By 30th August, CELO was trading for $4.03 per token. September wasn’t as exciting as August for the Celo token. By 2nd, it was selling for $4.04 but by 11th, the coin had dropped to $3.08. It dropped further to $2.04 on 19th September before picking up a little to finish the month at $2.28.
On October 1st, 2020, CELO averaged $2.26 per token. The price dropped to $1.97 on the 7th before recovering to $2.12 by the 15th. It eventually finished the month at $1.69 and started November at $1.62. It remained within the range till the last week of the month, trading for $1.95 on the 24th. It eventually finished November at about $1.85. CELO started December at $1.83 but dropped continuously throughout the first two weeks. By Christmas Day 2020, it traded for $1.47, eventually finishing the year at $1.53.
CELO started 2021 on a positive note. On January 2nd, it averaged $1.46 but by 6th, it reached $2.54. It fluctuated throughout the second week but reached $3.14 on January 23rd. It was able to finish the first month at $2.88 and by February 2nd, it averaged $2.84. CELO climbed to $3.55 on 9th and by 16th February, it was trading for $4.07 per token. The bullish trend saw the coin reach $5.22 on 19th February before it dropped to finish the month at $3.98. The coin then started March at $3.81, climbed to $4.00 on the 10th and gained a little more to reach $4.07 on the 19th. It dropped sharply to $3.26 on 26th March but recovered to finish the month at $4.33.
April 2021 was a relatively decent month for CELO. It started the month at $4.64 and remained within that range until the 20th when it averaged $4.12. It climbed sharply to reach $5.89 on the 22nd and then $6.10 on the 25th. It finished the month at $5.26 and started May at $5.40. It remained in that region until it dropped to $4.91 on the 11th. By 16th May, CELO traded for $4.49 before recovering sharply to reach $6.33 on 18th. It took a nosedive almost immediately, reaching $3.07 on 25th May. It eventually finished the month at $3.40.
By June 2nd, 2021, CELO was trading for $3.42 per token. It dropped to about $2.81 on the 11th and dropped further to $2.30 on the 23rd. It recovered in time to finish the month at $3.26. The coin started July at $3.09 but dropped to about $2.72 on 15th July. By 21st July, it had dropped further to $2.33, recovering in the following week to reach $3.47 on 28th. It dropped again to finish the month at about $2.73. CELO started August 2021 at $2.75 and climbed slowly in the first two weeks. By 15th August, it traded for $3.10 and by 25th, it traded for $3.05. It climbed sharply in the last few days of the month, reaching an all-time high of $10.66 on 30th August.
CELO started September 2021 on the high side, trading for $5.71 per token. By the 15th, it averaged $5.03 before rising again to reach $6.17 on the 22nd. It eventually finished the month at $5.70 and started October at about $6.17. By October 16th, the coin traded for $5.90 before recovering to $6.57 by the 21st. It eventually finished the month at $6.28 and started November at about $6.30. On November 10th, CELO averaged $6.65 per token. It dropped to $5.00 on November 19th and dropped further to finish the month at $4.89.
Recent Performance And Current Standing Of Celo
December 2021 saw the price of CELO drop further. It started the month at about $5.16 but by the 6th, it was already down to $3.74. CELO dropped further to $3.47 on 16th December but recovered to about $4.26 on 22nd. By Christmas Day 2021, the coin traded for $4.99 before climbing to about $5.07 on the 28th.
At the time of writing this piece, CELO was trading for $3.09 per token with a 24-hour trading volume of $48,825,147. In the previous 24 hours, it had recorded a low price of $2.93 and a high price of $3.12. Its market capitalization is $1,258,767,707, making it the #74 ranked cryptocurrency in the world.
There are currently 407,486,151 CELO in circulation, which is approximately 41% of the 1,000,000,000 CELO in circulation. CELO is currently available on a number of platforms, including leading cryptocurrency exchanges and top brokerages like eToro.
Celo Price Prediction
We have covered the past and present of CELO, now is the time to look at the future. Though it is difficult to predict future prices of digital coins, many experts have been able to deliver near-accurate predictions. Some authority websites also offer algorithm-based forecasts to help potential investors know the potentials of the coins they intend to invest in. We will focus on the forecasts of some of the best prediction sites.
Wallet Investors is always optimistic about the future of DeFi coins, and its current predictions for CELO looks rather average. It predicts that the coin can be worth as much as $6.39 in one year. It also predicts that CELO will be worth around $15.45 in the next five years.
Digital Coin Price also believe that CELO will gain value in the future, but not as much as many investors will want. According to its latest prediction, the coin can be worth around $4.37 in 2022 and grow to $4.56 in 2023, $5.59 in 2024, and drop to $7.2 in 2025. It also predicts that the coin can be worth $6.08, $9.24, and $10.55 in 2026, 2027, and 2028 respectively.
PricePrediction.net predicts that CELO will have an average price of $7.38 and reach a maximum price of $8.69 in 2022. By 2023, the site predicts that CELO will average $10.41 and reach a maximum price of $12.26. The prediction also shows that the coin can average $69.45 and reach a maximum price of $79.40 in 2028.
Last but not least in our prediction websites is Long Forecast. The site predicts that CELO will reach a maximum of $6.48 in December 2022 and close the year at $6.06. It also predicts that the coin will reach a maximum price of $6.12 in December 2023 and close the year at $5.72. For December 2025, it predicts that CELO will reach a maximum price of $10.45 but will close the year at $9.77.
Read Also: Celo Price Predictions
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Where Will Celo Be In The Next Ten Years?
Cryptocurrencies are generally volatile and the market is almost unpredictable. It is almost impossible, therefore, to state with certainty where Celo will be in the next ten years. From what we know so far, the network will improve the adoption of cryptocurrencies around the world. However, the coin may not be able to reach the height many investors will want it to reach.
Ten years is a long time to predict the future of a digital token, but from the predictions from authority websites, CELO will not be worth anything close to $100. In fact, there is a good chance that the coin will be valued at less than $20 per token in the next ten years. The ecosystem may expand, but the coin is unlikely to explode as much as most investors would want.
Weighing The Pros And Cons Of Investing In Celo
Sometimes the easiest way to decide whether to invest in a coin or ignore it is to weigh the merits and demerits of investing. We will proceed to briefly highlight the pros and cons of investing in CELO to help you make up your mind quicker.
Pros of Celo Investment:
✅ By investing in Celo, you will indirectly be pushing for the extensive adoption of cryptocurrencies.
✅ CELO offers you different ways to earn income – you can trade and you can stake the token for rewards.
✅ Celo has attracted several notable partners who believe in the potential of the project.
✅ Celo has enough tools to attract developers to build on its platform and expand its ecosystem.
✅ Celo is a reliable platform and the token is a secured financial instrument – the chances of losing your investment completely is minimal.
✅ Celo is a transparent platform.
✅ CELO is also a governance token, meaning that your investment will give you voting rights to determine how the platform is run.
✅ Celo offers users a wide range of partnership projects.
✅ Celo offers stablecoins that can help investors protect their investment during the most volatile periods.
✅ CELO is relatively cheap, meaning you can start investing with little capital. Again, if the coin manages to become a lot more valuable in the future, investors who bought at the current price will gain more.
Cons of Celo Investment:
❌ Celo is a relatively new project, and it is a little early to know what the future holds for its tokens.
❌ Celo majorly targets unbanked smartphone users, and a majority of them are in developing countries. It will be difficult to compete with other DeFi projects with sizeable markets in developed economies.
❌ Celo does not have high liquidity, which can force users to sell for cheap when they are in desperate need to sell.
❌ The value of the Celo token may not appreciate as much as that of similar projects launched at the same time.
❌ Celo will find it hard to compete with most smart contracts platforms like Solana, Avalanche, and others.
❌ Most experienced cryptocurrency investors will ignore CELO for many other tokens that are far more promising.
❌ CELO has shown signs of extreme volatility, which means it is a risky asset to trade.
Should You Play The Long-Term Game With Celo?
Playing the long-term game with CELO means buying the coin and waiting for years before selling. This is also called HODLing in the cryptocurrency market. Will it work for CELO? Will the coin return a meaningful profit if you buy and hold it for many years?
There is no serious reason to believe that CELO is ideal for long-term investing. The coin has been around for a little while and has not shown any sign of becoming a millionaire-maker coin. There are chances that it may become more desirable in the future, but the present state of the coin is not so encouraging. At best, it is an average coin that has shown signs of extreme volatility. For experienced traders, it can be a good bet for short-term investing.
If you are the patient type and believe so much in Celo, then, by all means, you can choose to invest in CELO. However, you should know that it is a risky option, so you must have the stomach for it. It can turn out to be a gold mine, but the chances are slim. You can also choose to stake your CELO investment and earn rewards while waiting for the value to improve.
Check Out: Why Celo Is Going To Explode
Final Words
Can Celo make you rich in ten years? Well, no one can tell with certainty. But with what we have discussed so far, long-term Celo investment doesn't seem like the best idea. The platform is great and has been backed by several notable investors, but it doesn't seem to inspire confidence. It has been on the market for so long and has only been able to yield 274.58% ROI. This is ridiculously low when compared to Axie Infinity’s 48,837.54% ROI. There are several other projects launched at the same time in the DeFi subsector that has performed better.
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