Crypto influencer Ben Armstrong, also known as “BitBoy Crypto,” recently shared his thoughts on the potential of Cardano’s ADA to create millionaires in the next bull run. Armstrong’s predictions, while optimistic, should be taken as his personal views and not financial advice.
Armstrong highlighted Cardano’s unique position in the crypto space. The decentralized blockchain project, co-founded by Charles Hoskinson and Jeremy Wood, has been criticized for its slow development pace. However, Armstrong believes that Cardano’s long-term approach and focus on emerging economies could make it a significant player in the next bull run.
In a recent video, Armstrong noted that Cardano’s all-time high was just over three dollars in September 2021. If ADA returns to this all-time high during the next bull run, achieving millionaire status would require a substantial ADA holding. However, Armstrong believes that ADA’s price could climb higher, making the millionaire milestone more attainable.
In 2021, Cardano had a market cap of $177 billion. If the market cap were to return to even $50 billion, Armstrong suggests that the price could triple, reaching about $1.50. Given Cardano’s influence in rapidly growing economies like Central America, Africa, and Southeast Asia, Armstrong argues that Cardano is unlikely to be overlooked during the next bull run.
Armstrong further speculated that if the bull market top price could exceed five dollars, Cardano’s market cap would reach $175 billion. At this price, holding 200,000 ADA would equate to a million dollars. If Cardano were to triple its previous market cap, an eight-dollar ADA would mean a $280 billion market cap for Cardano. By Armstrong’s calculations, a million dollars would then require holding 125,000 ADA.
Armstrong also mentioned the growing NFT ecosystem and the upcoming Hydra upgrade as potential catalysts for ADA’s price. If ADA’s price were to go parabolic and threaten Ethereum’s market cap, surpassing $350 billion, the ADA token could reach $10. This would mean that holding 100,000 ADA could potentially yield a million dollars.
While Armstrong’s predictions are undoubtedly hyper-optimistic, it’s important to remember that these are his personal views. As with any investment, potential investors should do their own research and consider their financial goals and risk tolerance.
Source: Read Full Article
Long-awaited “Tenderbake” Upgrade Revolutionizes the Tezos Blockchain
China’s Inner Mongolia sets up hotline to report block reward miners
The Fed Mulls Launching New Instant Payment System That Could Taper The Use Of Cryptocurrencies In The US
Buy Bitcoin | The Best Asset Class Of 2021
DBS Bank joins Hedera blockchain’s governing council