How to become a cardano millionaire
May 13, 2021 was the most important day in Cardano’s history.
Cardano (ADA) bucked the trend. It broke all-time highs — getting that $2 monkey off its back — and was the sole top-ten cryptocurrency rising in value during a historic sell-off.
They even danced on the graves of their victors and asked Tesla to partner with them following Elon Musk’s public diss against Bitcoin.
Cardano and its creator Charles Hoskinson have balls. You need them to survive in this cut-throat crypto market.
Today Cardano is the fourth most valuable token in the world. And after yesterday’s achievement, I’m confident it will be the next Ethereum and have a massive role in web 3.0.
How much ADA do you need to become a millionaire?
The Cardano community postulates the price of ADA will one day reach $100. In order for that to happen Cardano would have to hit a $3 trillion dollar market cap.
To put that into perspective, Bitcoin only has a $1 trillion market cap after its 12-year lifespan. Meanwhile, Cardano is 4-years-old and has a market cap of $61 million.
So, can ADA do it — could it hit $100?
Yes. And if it doesn’t then Ethereum will be the one to eclipse Bitcoin’s market cap.
Bitcoin — while one of the most impressive innovations this century by far — is a calculator when compared to Ethereum and Cardano. These two smart contract platforms stand to become crypto-Google (and maybe crypto-Yahoo) and introduce a new generation of decentralized web technology to the world.
No permission needed.
Completely controlled by a public community.
While Google’s market cap is $1.5 trillion, it’s not out of the realm of possibility for smart contract platforms to double that; especially since Bitcoin achieved Google’s market cap in half the time.
At ADAs current price point — and if you believe it can reach $100 — you would need anywhere between $15,000 to $20,000 worth of Cardano to become a millionaire.
However, a $100 price point is at least four to five years away (knock on wood). Today let’s talk about what you have to be bullish and bearish about.
Tesla x cardano
Elon Musk is separating the wheat from the chaff. He isn’t interested in bulky cryptocurrency projects like Bitcoin that have no real-world use aside from being a store of value.
Musk wants a swiss army knife. He wants a global computer.
This leads him with a few options —
- Ripple (XRP)
XRP bulls argue that it’s far better and mature project than Cardano. It’s winning against its charges with the SEC; it’s also much greener and efficient than most other cryptocurrencies. XRP is also one of the oldest cryptocurrencies on the market. It’s time tested.
Cardano, however, is an institutional investor’s wet dream. It’s available on every mainstream exchange, doesn’t have any SEC allegations against it, and is a more stable blockchain by comparison.
Although Musk himself has had his own troubles with the SEC, I’d say Ethereum or Cardano are the two players for Tesla to adopt.
Cardano has fat stacks
Cardano is a proof-of-stake protocol, meaning transactions are much more fluid by not rewarding miners with a block reward but with the transaction fee. There are no complex mathematical equations in POS. This is why the individuals are called forgers, and not miners in this system.
There are mass amounts of on-chain liquidity on Cardano’s blockchain.
Around $16 billion ADA is circulating around the network and $22.2 billion is staked on the Cardano blockchain. Cardano is the second most staked blockchain only behind Gavin Wood’s Polkadot.
Users receive anywhere between 5 to 6% APY on their cryptocurrency. While Ethereum has the first mover advantage on smart contracts, Cardano arguably has it on POS.
“First mover advantage isn’t everything” — Charles Hoskinson
OccamFi bridges ethereum to cardano
OccamFi is a relatively new Ethereum dApp that will enable ETH users to seamlessly move liquidity from Ethereum to Cardano. In essence, you would be able to use ETH to fund Cardano projects or vice versa.
In an interview with CoinTelegraph Mark Berger, president of the Occam Association said —
“Through the Occam.fi cross-chain bridge, liquidity and value can be seamlessly moved onto the Cardano blockchain and its associated projects through collateralization by Ethereum on-chain liquidity. We believe this solution will generate liquidity and exposure for Cardano projects within the sizeable Ethereum DeFi community, allowing funds to flow easily to projects on Cardano.”
As Peter Thiel, creator of PayPal points out, capitalism and competition are inverses of each other. The best companies work together. In crypto this is called “interoperability” or the ability of systems to exchange and make use of information.
Cryptocurrency and Web 3.0 is hotly competitive, but it’s not a winner-take-all industry. The applications that work best together win together.
Cardano x Africa
2.5 billion people do not have a bank account and are excluded from participating in the global economy.
Bitcoin and Ethereum have saved the Western world but are largely removed from third-world countries. Cardano wants to change that.
Earlier this month Cardano and IOHK, the company behind the Cardano protocol, landed a partnership with the Ethiopian government to improve education with blockchain technology.
“This initiative is about bringing technology to improve the quality of education,” said the minister, Getahun Mekuria, in a video conversation with John O’Connor, IOHK’s director of African operations.“It’s very practical to think of the blockchain technology [as a way] to improve the quality of education.”
Anyone with an internet connection can buy and sell cryptocurrency; all you need is the knowledge that it exists. Additionally, if your county’s currency is corrupt or experiencing high inflation you can bypass your broken fiat system.
Crypto is the ultimate libertarian project.
It’s freedom of speech. Transactions are text. The Blockchain is text. DeFi is text. Authoritarian governments can try to suppress it, but will fail to do so completely.
Cardano makes programming (really) easy
Cardano will eventually support every programming language, not just its native language Haskell.
Programming for many of us is magic moon math, as Charles Hoskinson calls it. It’s very hard. Cardano wants to simplify this so that financial experts, lawyers, teachers, and professionals of all kinds can create dApps effortlessly.
Applications like Marlowe, for instance, make programming as easy as dragging and dropping lego bricks. Marlowe automatically generates code based on simple English. Write what you want and it’s produced automagically on the blockchain. EZ PZ.
The final product of this kind of miraculous tech is years away but it’s on Cardano’s plate for now.
Cardano’s greatest strength is also its greatest weakness. Contrary to what Hoskinson believes, first mover advantage does have tremendous upside. The better blockchain doesn’t always win. The one with more users does.
The lack of dApps and developers is Cardano’s Achilles heel.
This year will make or break Cardano. The project has proved itself as a lone wolf that doesn’t need Bitcoin’s sloppy seconds. But it does need institutional support and an ecosystem of dApps to become the next Ethereum.
It’s far from being a surefire million-dollar moonshot. Yet it’s still the project I’m secretly banking on to change the world.