The main guy behind Cardano (ADA), Charles Hoskinson, has made a bold claim in the cryptocurrency news today, predicting that 2020 will be the year when the cryptocurrency project is going to be massive. Hoskinson believes that the advanced protocols will function to position ADA as one of the strongest cryptocurrencies in the industry.
What’s interesting is that this prediction comes during a market slump and a major drawback which has seen a lot of coins in the red. Cardano (ADA) is definitely one of them, losing more than 6% on the day.
However, Charles Hoskinson believes in his statement that the project is going to be massive next year. He sent out a tweet recently where he noted that the releases of numerous advanced protocols are why ADA may be positioned as one of the strongest digital assets in the space next year.
According to Hoskinson, the Cardano project “will be a beast” come 2020.
What's truly exciting about the recent releases is how fast we are able to move. Our scientists have done a remarkable job designing great protocols and our engineers are able to bring them to market. Cardano in 2020 will be a beast— Charles Hoskinson (@IOHK_Charles) November 15, 2019
The Cardano latest news also show that this prediction comes at bad times for the market. Even though Cardano fans came out after the tweet to commemorate the release, it is true that many are skeptical about the future of the crypto markets.
For instance, we could see the leader Bitcoin shedding more than $200 today and around $500 this week, with a current price below $8,000. Perhaps this trend will stop – but anyways – we are seeing the BTC price losing a lot over the course of the past weeks and falling to new four week lows.
In theory, the Cardano project and its fan base look optimistic. However, the reality is that one of them posted a reply saying that Cardano had raised the bar for blockchain projects and is set to make huge waves in the market in the coming year.
Both Charles Hoskinson and a lot of Cardano (ADA) backers are confident about a bright future for the coin. Until then, however, we must weigh in the fact that Cardano (ADA) lost a lot over the past couple of weeks too. Its peak price of $1.11 during January 2018 is a proof that there is space for more gains – but only with a market that is supportive.
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"They include Bitcoin, Ethereum, Cardano, EOS and others — digital money, which could someday function like dollars, euros or yen, but with much more transparency, efficiency and monetary discipline," they said.Prior to this, the chief of Cardano (ADA) Charles Hoskinson hosted a live Ask Me Anything (AMA) session on YouTube where he talked about a lot of things and answered questions from the public. One of the most interesting topics was him labeling the Stellar XLM burn of 4 million tokens as “insane” one, noting that he could not believe this is happening.
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“What value did [the token burn] create for Stellar? There was a short-term price appreciation that the markets took back. And they've permanently lost all that value that could protocol development, or for community development.”The Cardano chief also claimed that the SDF had prioritized the short-term gains at the expense of the protocol and its integrity. In his opinion, token burns were intrinsically a bad idea. However, Hoskinson said:
“It’s like basically saying, ‘I can’t figure out what to do with this big pile of money, so I’m just going to set it on fire to make money scarcer, to give a small gift to everybody. It’s insanity. Burns never work – they’re market manipulation in the short-term for speculators at the expense of the future of the protocol.”The Foundation was in the news before and said that Stellar "is not mined, so the lumens now in public hands are there because we’ve worked hard to get them there over the last four years." They also pointed out that SDF "can be leaner and do the work it was created for using fewer Lumens."You can watch the full AMA session by the Cardano chief Charles Hoskinson below.https://www.youtube.com/watch?v=lSVNj3g6sDMThe Stellar Lumens news showed XLM rocking up to short of 19% after the burn. However, the token has gone into a mode of suffering along with Bitcoin and other cryptocurrencies which are deep in the red today during the most recent price tumble.While Bitcoin (BTC) is now below $7,500, Stellar's XLM token also lost 5% and is at $0.0589. Cardano (ADA), on the other hand, lost 6% overnight and positioned itself at $0.0369.
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