Cardano the blockchain and its associated crypto asset, ADA is on the rise and has staggeringly at the time of writing increased over 270 percent over the last 30 days .
Naysayers have been left with their mouths open-wide as the much maligned crypto blasts towards all- time highs. But the question remains as to why, and what does it mean for entrepreneurs?
In this article, we look at just that. Here goes…
Cardano and ADA
For those who are unaware, Cardano is a blockchain network created by ex-Ethereum co-founder Charles Hoskinson, way back in 2017.
ADA is the native asset or the dedicated cryptocurrency on the platform that users can exchange to purchase services or other crypto assets on the network.
Cardano is renowned for its reliable infrastructure and has remained online and available for over six years with zero downtime. The system is robust and has a loyal and passionate user base.
Cardano is unique in that users can mint assets, be it crypto tokens or NFTs at little cost. The chain also offers staking, a method where users can vote for stake pool operators who help validate the network.
Stake pool operators and users get rewarded with free ADA for their troubles. Users do not need to lock up their Ada for long periods of time to benefit from this process.
Critics of Cardano often complain that the chain is lagging in development and has offered few real-world applications. Critics also gripe that Cardano offers little in the way of usable applications and that the chain is often labelled “A ghost chain”. But no more.
Read this article for more detailed information on Cardano:
Why is Cardano Rising?
Bitcoin: There are several factors that are causing Cardano to skyrocket. The first is the rise of Bitcoin. Whenever Bitcoin rises all other tokens (or altcoins) rise too. As Bitcoin grows investors take profits and invest in other coins and these start to rise too. As Bitcoin approaches new highs all quality altcoins should rise too.
Bitcoin Halving: Roughly every four years the amount of Bitcoin that can be created or ‘mined’ is halved. This reduction in the Bitcoin supply historically has led to an increase in the value of Bitcoin.
It so happens that at the time of writing (the end of 2024) we have already entered the Bitcoin halving stage since April 2024.
Political Reasons: On November the 5th 2024, Donald Trump won the US election for the second time and will be back in office in January2025.
Trump has made many pro-crypto statements and it is expected much of the regulation that has been holding crypto back since 2020 will be removed.
Trump has also joined forces with the likes of Elon Musk, who is also pro-crypto and has announced a potential advisory commission named, Department of Government Efficiency (DOGE), a play on the famous cryptocurrency Dogecoin, that Elon constantly praises on his social media platform Twitter(X).
Cardano Partnerships: Finally, Cardano leader, Charles Hoskinson has instigated several ground-breaking partnerships that could catapult Cardano to the forefront.
The first is the BitcoinOS integration that could bring $1.3 Trillion of liquidity into the Cardano ecosystem. The move would allow Cardano users to access Bitcoin securely and provides cross chain capabilities between BitcoinOS and Cardano.
The second big partnership is that the Cardano founder himself has announced that he may be offered an advisory position under Trump to advise on new crypto legislation. Whether this comes to pass or the extent of Hoskinson’s involvement we will have to wait and see.
The third big partnership is Cardano’s rumorued partnership with XRP (Ripple). Ripple has been in turmoil for many years following a lawsuit with the Securities and Exchange Commission (SEC). However, recently has recovered from the doldrums after a legal win over the SEC. A partnership with Cardano could see huge potential for both chains.
What Does it Mean for Entrepreneurs?
Entrepreneurs need to take note of all new technologies that have the ability to disrupt. Cardano is one of those rare blockchains that allows small businesses to take advantage of blockchain technology with little financial outlay and offers unique reliability and decentralisation.
Cardano should not only be seen as a speculative asset. Yes, of course entrepreneurs can benefit from the increase in the value of ADA ,but Cardano brings so much more to the table.
Cardano comes with its unique staking mechanism that allows users to earn a passive income without depositing their funds. This alone is a game-changer. Entrepreneurs and users can take advantage of this today without transferring or locking up their funds.
Cardano also offers smart contracts and Decentralised Applications (DApps) that allow for programmable financial transactions to be carried out without middlemen and at a reduced cost.
Cardano offers businesses the opportunity to create their own native tokens and stake pools that can be used to help raise funds for projects and community causes. Cardano offers the possibility that blockchain technology could be used for community good and not just for speculation.
Cardano offers a stable realisable network that if integrated successfully with the likes of BitcoinOS and Ripple could be part of the infrastructure of the new digital economy. This era could be seen in a similar vein to the start of the internet commercialisation back in 1995.
Final thoughts
The rise of Cardano has been caused by several factors including the rise of Bitcoin, the prospect of revised crypto regulation due to the 2024 US election win by Donald Trump and Cardano’s new enthusiasm for partnerships.
Entrepreneurs should aim to make themselves aware of the developments in the digital economy and prepare themselves for the new revolution in digital finance.
Founders should understand that the blockchain is not only about speculation but offers real-world opportunities for decentralised networks that offer functionality such as smart contracts and Dapps.
It also offers methods of fundraising and passive income opportunities that could change the world. Are you bold enough to get on board?
Disclaimer: This article is not investment advice. Crypto can go down as well as up. You should only invest amounts that you are prepared to lose entirely. You should always do your own research.
Good luck!
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