Posted 11 months ago | by Catoshi Nakamoto
It’s no secret that we love Cardano here at BitBoy Crypto. And the reasons should be pretty self-evident: Exceptional tech. Tremendous vision, And a community that goes unrivaled in the entire crypto space. Today, we’ll be looking at some of the week’s Cardano news, including major institutional interest, retail sentiment, Twitter beef, and even the personal portfolios of some elected US officials.Read More
Let’s get it.
Welcome to BitBoy Crypto! Home of the BitSquad and the largest crypto community in all the Interwebs. My name is Ben. Everyday on this channel, I show you how to make money in crypto. If you like money and crypto, then make sure to hit that subscribe button. In this video we get an update on ADA and why you need to keep yours locked up.
Cardano hit the headlines this week after industry titans Grayscale announced they’d rebalanced their digital large cap fund to include ADA. For those of you unfamiliar with Grayscale, they are one of the leading crypto funds with around 30 billion in assets under management. Which now include ADA as their third largest holding, at around 4.6 percent. This comes just weeks before the hotly anticipated Alonzo hard-fork – the last step of the Goguen Era – which will pave the way for smart contract capability on the blockchain.
The money whales tend to hunt in packs. If you’ve been following the channel for a while, you’ll know we’ve been anticipating major institutional adoption of Cardano for some time. The Grayscale news is only the beginning. The tip of what promises to be a pretty humungous iceberg. Which is why I wouldn’t be surprised to hear some other big announcements in the weeks ahead.
I’d also like to issue a warning. A FUD warning. Because with great institutional interest, comes great institutional FUD. The whales are eyeing up Cardano and they’re going to be wanting it at a bargain. So be prepared. It’s important psychologically prepared for it, meaning that when it comes, and come it will, you’re not going to find yourself panic selling that precious ADA. Heed my advice squad, it bares repeating: Don’t sell your Bitcoin. Don’t sell your Ethereum. And don’t sell your ADA!
The good news on that front is that Cardano has far and away one of the strongest communities in all of crypto. Meaning it’s probably one of the least vulnerable to targeted FUD, and least likely to panic sell. The staking numbers alone are staggering. According to PoolTool, roughly 30 billion, or 71.7% of all ADA in circulation is currently being staked, putting it waaaaay ahead of Ethereum, which takes the number 2 spot, with Solana, Polkadot, and Algorand comprising the rest of the top 5. If you’re not already staking your ADA or you’d like to stake it somewhere…awesome, then stay tuned because this channel will be running it’s very own Cardano staking pool in the very near future.
Meanwhile, retail interest in Cardano is booming, with trading platform E-Toro revealing that ADA had actually overturned Bitcoin as the number one crypto asset held by its users. Could the E-Toro flippening be the first of many? We also saw ADA launched on NEXO, which offers it’s 1.5 million global users an impressive 12% APY on their holdings, as well as the possibility of crypto-backed loans: an instant lending service that accepts over 20 cryptos as collateral. These are only two recent examples of how Cardano’s community of holders, supporters, stakers and all-round enthusiasts continues grow. And credit where credit is due – the overwhelming strength of the Cardano community largely thanks to the incredible tech, but also the leadership of their benevolent leader, Charles Hoskinson. Charles is hugely popular among his fans, who have complete and utter confidence in both his long term-vision and integrity. His regular livestreams are a bit like FDR’s very own Fireside Chats. The most recent giving an update on the network’s imminent move to Alonzo White, which should run for about 2 to 4 weeks, before moving on to the next phase. The first stage of Plutus application back-end integration is slated for the end of July, along with the Daedalus integration, with an ETA of around August 9th. Despite these regular briefs, detractors can’t help but getting wound up about Cardano. Charles isn’t one to shy away from a bit of light sparring on Twitter though. Quite the opposite. Go get em’ Charlie.
Check out this exchange between Chris Burniske and Charles. Burniske pulled up a tweet from last year in which Charles predicted Cardano’s 12 month progress. Burniske gleefully said, did any of this happen? I’m telling you now. Comments like these are going to age horribly. Horribly. This was the exact same thing with Mark Cuban going in on Cardano a couple of months ago.
The folks at IOHK are honing a finely tuned machine that will sit at the very pinnacle of the crypto space. As far as I’m concerned, the question isn’t if Cardano will deliver one of, if not THE, most elegant blockchains in crypto, but when. And the haters are going to wish they’d been using this time to accumulate more ADA rather than trying to discredit it on social media.
Someone who clearly has no such qualms about Cardano’s roadmap is Congressman Barry Moore of Alabama. He recently hit the crypto headlines after it was revealed that he’d been on something of a shopping spree in May of this year. As well stacking some Ethereum and, yes, Dogecoin, during a flurry of purchases in May and June of this year. Hey bro, do you even FOMO? Go on Barry, show us those diamond hands. Surprisingly, this makes Congressman Moore the first US lawmaker officially known to own some Altcoins. This is in spite of rumours that Mitch McConnell spent June ape-ing into Polkadog. Just kidding! It was Shiba Inu. But seriously, just kidding.
Congressman Moore’s crypto purchases went public due to the 2012 Stock Act, which requires federal lawmakers to report certain financial activities in a bid to prevent insider trading. Transparency in the government, what a refreshing concept.
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In terms of ADA’s recent price action, it’s continued to hold up pretty well in spite of the short-term bear market. With bitcoin dropping to around $3220 at the time of recording, ADA fell to around $1.35, after reaching $1.49 just under a week ago. With this short term diagonal support broken, don’t be surprised to the price take a further hit in the days ahead, depending on what Bitcoin decides to do. The good news, though, is that thanks to Cardano’s super strong community and the phenomenal amount staked, ADA holders are some of the least likely to sell their favourite token. I know I won’t be. After all, with the Alonzo hard fork incoming, and smart contracts now visible on the horizon, now is the time to be buying, accumulating, and, you know it, staking. I truly beleive that the long term startegy behind Cardano’s lengthy roadmap will pay off in a huge way.
That’s all I got. Be blessed.