Posted 4 weeks ago | by @devadmin
Bloomberg Terminal has added Cardano (ADA) to its list of supported assets, exposing it to hundreds of thousands of institutional investors amid rumors that Grayscale Trust is about to add Cardano to its investment portfolio.
Grayscale Trust an asset manager that currently holds the most Bitcoin, recently, filed and announced its exploration of at least 23 different digital assets for “potential new product offerings,” including Cardano. Bloomberg may have just helped Grayscale decide on adding Cardano to its portfolio. Bloomberg Terminal, a product used to access, compile, and analyze financial information, has now added Cardano to its mix of assets it’s tracking.
The move could expose the cryptocurrency to a new wave of potential institutional investors who pay between $20,000-30,000 for the service per year.
— Jérôme S. 🇫🇷 (@CryptoJeromeFR) March 14, 2021
Following Cardano being added to the Terminal, Bloomberg released an in-depth article highlighting all the advancements made by the protocol as well as critique from industry experts who believe ADA, is going up in value for no reason other than speculation.
According to the article, Cardano’s ADA army facilitated the cryptocurrencies’ upward momentum, which broke all-time highs at $1.45 according to Coingecko. Cardano has since retraced and corrected, falling as low as $1.04 at the time of this report. But it seems ready to make its decision whether it will drift lower or surge higher, pushing back up in the near term.
Bloomberg noted that the hype around Cardano isn’t all too clear, as the blockchain is yet to see the Goguen update that will enable it to run smart contracts. Charles Hoskinson, the CEO of IOHK, stated that the reason why Cardano will be the last major blockchain platform to get to market was that the company took its time to “do it right.”
Bloomberg expressed that Cardano’s scientific approach of testing and then releasing updates could be what propelled investors to buy Cardano despite a lack of applications and uses at the current moment for its blockchain.
In other words, it’s the future promise of a platform that is better, cheaper fees than Ethereum, and faster that will be used by governments and users alike with a more advanced smart contract platform for developers than ETH that drove its price. Charles Hoskinson, the CEO of Input-Output IOHK, one of the companies working on Cardano, stated that over 100 companies are “in the pipeline” looking to shift their business from using Ethereum to Cardano.
“My goal is to run countries on this blockchain,” Hoskinson said. “I don’t care about Uniswap and CryptoKitties and other things. It’s a bubble, and it comes, and it goes, like Pet Rocks and Beanie Babies.”
Cardano is currently trading at [FIAT: $1.05] UP +0.3% in the last 24 hours according to Coingecko at the time of this report.