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Expert Says Ethereum Faces Potential December Drop Amid Historical Patterns

Albert Brown
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Expert Says Ethereum Faces Potential December Drop Amid Historical Patterns

Benjamin Cowen expects Ethereum to repeat its 2016 pattern, with potential December drop despite post-Merge changes.

Notably, Ethereum recently experienced bullish momentum, briefly testing and even surpassing critical resistance at $2,700—marked by the 100-day moving average. However, a swift rejection occurred as substantial selling pressure emerged, leading to a sharp decline. 

In the past 24 hours, the altcoin’s price has dropped over 2%, pushing it to $2,552. This development aligns with a broader sentiment that Ethereum may undergo one more dip before any sustained upward move.

Further December Drop?

Per a recent analysis by Benjamin Cowen, CEO of Into The Cryptoverse, Ethereum could be on track for another downturn, citing its historical cycle in 2016 as a possible pattern. During that year, Ethereum faced massive declines in April, August, and December.

In 2024, similar drops were observed in April and August, suggesting that another decrease may occur before year-end, potentially hitting a low point in December. 

Change in ETH’s Fundamentals?

Although history often rhymes, it’s worth noting that the broader market context, macroeconomic factors, and ETH’s fundamentals are different in 2024 compared to 2016, which could influence whether this projected drop actually occurs.

For instance, a trader has pointed out that macroeconomic conditions, Ethereum’s improved fundamentals post-Merge, and EIP-4844 could lead to different outcomes compared to 2016.

Notably, Ethereum’s evolution as a blockchain differentiates it from previous cycles. The trader notes that cyclic trends are more accurately applied to Bitcoin, which has seen less structural changes.

Options Expriry and Volatility Concerns

Further, Ethereum’s market currently braces for significant volatility due to the impending expiration of $1 billion worth of options contracts this Friday.

Typically, market makers drive prices toward “maximum pain” levels to minimize trader profitability during options expiry. Ethereum’s price is only 1.85% away from its maximum pain point at $2,600, while it currently trades at $2,552. 

A close examination of the put-call open interest ratio, standing at 0.95 as of October 22, reveals a bearish outlook, with put and call open contracts at 194,050 and 205,155, respectively. 

Fees Encouraging Network Activity?

Despite the bearish short-term outlook, Ethereum has witnessed a significant reduction in transaction fees, potentially boosting network usage.

According to Santiment, transaction fees recently dropped to an average of $1.63 as of October 23. Historically, fees below $2 have coincided with market bottoms, enabling increased user activity and utility. 

In contrast, higher fees, especially those above $10, have previously led to decreased activity, usually seen during market peaks. The current low-fee environment signals reduced network congestion, presenting a more favorable setting for blockchain activity. 

What’s Next for Ethereum as It Hits 42-Month Low Against Bitcoin?

Elendu Benedict
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In recent weeks, the crypto market has been generally choppy. However, Ethereum continues to underperform relative to Bitcoin and other assets of its caliber.

For context, Bitcoin has gained slightly, while Solana has surged 5% in the past day. Meanwhile, Ethereum is down 2.38% in the same timeframe, the steepest drop among the coins in the top ten of the crypto ranking by market cap.

Ethereum’s inherent price weakness is also evident in the ETH/BTC chart, which has trended southwards since June’s highs. Hypes from the approval of the Ethereum spot exchange-traded fund pushed Ether over $3,800 per coin and its value against Bitcoin to 0.05710.

However, Ethereum has fallen 33.5% since then, reaching an over 3-year low against Bitcoin. The second-largest crypto asset by market cap trades at $2,551 and 0.3796 BTC.

Ethereum Spikes Liquidation Heatmap

Meanwhile, bulls have had their fair share of disappointment betting on higher prices for Ethereum. The asset’s persistent downtrend has liquidated a substantial number of positions in the past 24 hours.

Data shows that almost a third of crypto liquidations in the past day have been Ether traders. Over $77.28 million worth of Ethereum positions have been liquidated, with $61.54 million attributable to long traders.

Notably, this is the highest liquidation from a single asset in the past 24 hours, closing more trading positions than Bitcoin and Solana. The duo has liquidated open trades worth $58.27 million and $10.31 million, respectively.

Analysis Shows Ethereum’s Next Move

Following an earlier assertion from Bitwise’s CIO Matt Hougan, a notable analysis shows that Ethereum’s storms may not yet be over. For instance, data from IntoTheBlock suggests that the path of least resistance for Ether may be downward, considering the congested supply zone upwards.

The data shows that Ethereum faces tough resistance around the $2,545 to $2,621 region, where almost 3.2 million addresses bought the coin. As a result, the altcoin king may face intense selling pressure at the price zone.

IntoTheBlock IOMAP Data
IntoTheBlock IOMAP Data

However, CryptoQuant’s analyst ShayanBTC warns of a possible short squeeze. In a post, the market speculator stated that the estimated leverage ratio shows a growing trend of super-saturated, over-leveraged short trades on Ethereum.

As a result, ShayanBTC noted that Ethereum may spike in price to shake off the overheated short trades. The analyst targets a surge to the resistance at the 100D moving average around $2,700, which would substantially spike short liquidation.

XRP Ledger Sets New All-Time High for Daily Tokens Issued

Sam Wisdom Raphael
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XRP Ledger Sets New All-Time High for Daily Tokens Issued

The XRP Ledger (XRPL) ecosystem has seen a major milestone in token issuance, driven by a new trading protocol on the network.

A New Peak in Daily XRPL Token Issuance

Notably, on Oct. 17, 2024, data from Santiment confirmed that the XRPL hit an all-time high (ATH) for the number of tokens issued in a single day, reaching a staggering 213 new tokens. This achievement is nearly three times the previous record set in October 2021.

XRPL Daily Tokens Issuance Santiment
XRPL Daily Tokens Issuance | Santiment

The record-breaking day follows a notable increase in token issuance over the past week, largely fueled by the recently introduced First Ledger platform. 

Since its launch, First Ledger has made trading and token issuance on the XRPL easier. Over just eight days, the protocol helped create a total of 1,564 new tokens, contributing to the surge in token creation. However, most of these tokens are meme coins.

For context, the previous daily high of 74 tokens, reached on Oct. 28, 2021, occurred during a peak period of interest in XRPL-based assets. 

Since then, daily token issuance had rarely closed in on 40, with notable spikes such as 31 tokens on July 21, 2022, and 32 tokens on Nov. 24, 2022. The surge in 2024, with 213 tokens issued in one day, dwarfs these earlier numbers. 

First Ledger’s Contribution

Vet, an XRPL decentralized UNL (dUNL) validator, noted on X that the current numbers may actually be even higher, as data from analytics platforms such as Santiment typically lags behind the real-time growth on the ledger.

Meanwhile, First Ledger has quickly gained attention for its ease of use and its role in facilitating token issuance. The platform, which is integrated with Telegram for easy access, allows users to issue tokens and engage in trading with minimal friction.  

First Ledger was founded by Adam, an open-source contributor who also founded XRPCafe, the leading NFT marketplace on the XRPL. The platform’s seamless interface and its ability to streamline the process of creating and trading tokens have garnered attention.

The launch of similar protocols such as Pump.fun on Solana and SunPump on Tron contributed to the growth of the underlying blockchain networks, as the ecosystems witnessed a surge in meme coin issuance and trading.

Impact on XRPL AMM Pools

Interestingly, another important impact of First Ledger has been its influence on Automated Market Maker (AMM) pools. According to Vet, 66% of all AMM pools on the XRP Ledger were created within the last week by users of First Ledger..

Despite the volume of tokens being created, only a small number of them have achieved substantial market caps. Of the 1,564 tokens created via First Ledger, just four have market caps above $1 million. 

These include DROP with a market cap of $2.81 million, GOAT with $2.06 million, BEAR at $1.51 million, and scrap with a market cap of $1.45 million. These tokens represent a tiny fraction of the overall issuance.

XRPL Tokens on First Ledger
XRPL Tokens on First Ledger

Notably, at the reporting time, the XRP Ledger now hosts a total of 15,023 tokens, a massive increase from previous years. However, only 203 of these tokens have market caps exceeding $2,000, further underscoring the speculative nature of many of the tokens being issued.

Ripple CEO Says XRP ETF Inevitable, Believes ETFs Can Push Crypto Prices Higher, Including XRP

Lele Jima
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Ripple CEO Says XRP ETF Inevitable, Believes ETFs Can Push Crypto Prices Higher, Including XRP

Ripple CEO expresses confidence in the potential approval of an XRP spot-based exchange-traded fund (ETF) in the United States. 

Speaking in a virtual interview with Bloomberg at the 8th annual DC Fintech Week, the Ripple CEO asserted that it is inevitable that an XRP ETF will be approved. 

The Crypto Basic shared an excerpt of Garlinghouse’s XRP ETF commentary on X today.  

XRP Price to Surge Amid Growing Institutional Interest 

He emphasized that institutional interest in XRP has skyrocketed lately, leading to the filings of multiple ETFs tied to the seventh-biggest cryptocurrency by market cap. Bitwise and Canary Capitals submitted separate applications to the SEC for spot XRP ETFs earlier this month. 

Additionally, Grayscale also filed with the SEC to convert its digital large-cap fund, which contains five crypto assets, including XRP, into a basket ETF. 

Highlighting the significance of the basket ETF, Garlinghouse said the product signals growing institutional participation in the crypto space. 

Per Garlinghouse, the increased participation of institutional investors in the crypto space is reflected in the significant demand for Bitcoin ETFs. The Ripple CEO noted that the demand for Bitcoin ETFs has led to an inflow of $17 billion, making it the fastest-growing ETF in the world. For context, Bitcoin ETFs currently boast a total inflow of $21.41 billion, according to data from Farside. 

Interestingly, Garlinghouse predicted that this surging institutional interest would “create an upward pressure on the prices of different cryptos, including XRP.” 

This indicates that the Ripple CEO expects the active participation of institutional investors, as reflected in the growing demand for crypto ETFs, to potentially result in a surge in XRP price. 

XRP ETFs Will Perform Well 

When asked about the demand for XRP ETF, especially given that Ethereum ETFs have not recorded significant flows like Bitcoin’s, Garlinghouse refuted the notion that ETH spot ETFs have not had an incredible performance. 

“If you look at the market dominance of Bitcoin compared to ETH, you would see that the ratio is about the same in terms of ETF participation. So I think the ETH ETF has done very well,” Garlinghouse remarked. 

He emphasized that XRP ETF would also perform well and attract significant demand, citing the active community backing XRP globally. 

Here is Shiba Inu Price if SHIB ETF Approves and Gets 50% of BTC ETFs Flow

Sam Wisdom Raphael
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Here is Shiba Inu Price if SHIB ETF Approves and Gets 50% of BTC ETFs Flow

Shiba Inu price could skyrocket to unimaginable levels if a SHIB ETF gains approval and commands 50% of the Bitcoin ETFs flows.

Institutional investors entered the crypto scene following the launch of the spot Bitcoin ETF products. After their eventual launch in January, these investment products attracted massive capital, pumping these funds into the Bitcoin market and catalyzing a positive price reaction.

The Success of Bitcoin ETFs

As a result, Bitcoin rallied to a new all-time high above $73K in March 2024, right before the latest halving event, marking the first time this phenomenon occurred in a halving year. 

While flows into these investment products slowed amid the corrective phase of the market from mid-March. Now, with the latest market rebound, inflows have resumed in recent weeks. As a result, the Bitcoin ETF products have now witnessed a massive $21.4 billion in cumulative capital inflows since January.

Amid the success of the Bitcoin ETFs, the crypto community turned to the possibility of subsequent ETF products tracking other crypto assets. 

Being the second-largest crypto asset, Ethereum (ETH) was naturally the choice for this. Notably, Ethereum ETFs secured regulatory approval in July, but have not enjoyed as much success as their Bitcoin counterparts.

Despite this, market commentators are now looking out for the next cryptocurrency to secure ETF products. Asset managers have already filed to launch ETFs tracking Solana (SOL) and XRP, but these are yet to secure approval. 

Possibility of a Shiba Inu ETF

However, some have argued for a Shiba Inu ETF. The Shiba Inu project has expanded its ecosystem, looking to transcend its meme origin to become a contender in the utility token space. Amid these developments, individuals like content marketer Lucie believe a SHIB ETF is likely to launch.

In addition, the Shiba Inu community launched a petition in June to ask Grayscale, the largest digital asset manager, to file for a Shiba Inu ETF with the SEC. While the petition has gained momentum, should Grayscale decide to file for the product, it would still require regulatory approval before launch.

Meanwhile, the introduction of such a product would bring immense benefit to the Shiba Inu market, which requires an inflow of fresh capital. However, the extent of this benefit remains to be seen.

As a result, we recently assessed how much Shiba Inu could rally if it records 50% of the total cumulative Bitcoin ETF inflows. For context, with spot Bitcoin ETFs now boasting $21.4 billion in net capital flows, 50% of this figure is $10.7 billion. An injection of this capital into SHIB would mark a turning point for the market.

Leveraging only a quarter of the Bank of America (BoA) multiplier of 118x would bring in a multiplier of 29.5x. With this 29.5x multiplier, the $10.7 billion capital inflow could translate to an additional market cap figure of $315.65 billion.

Shiba Inu currently boasts a market cap of $10.5 billion with a supply of 589 trillion tokens. An addition of $315.65 billion to this market cap would lead to a valuation of $326.15 billion. This market cap translates to a price of $0.0005537 per SHIB, considering the 589 trillion supply remains fairly the same. Shiba Inu must rally 3,000% from its current price to reach this price level.

BNB Spiked 9,813% from 2020 to 2021; Here’s XRP Price if It Rallies by a Similar Margin

Sam Wisdom Raphael
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BNB Spiked 9,813% from 2020 to 2021; Here’s XRP Price if It Rallies by a Similar Margin

XRP could ultimately overcome its underperformance woes if it replicated the rally engineered by Binance Coin (BNB) from 2020 to 2021.

The market has continued to give crypto assets opportunities to transcend their prevalent positions in a period investors call the bull run phase. Several assets have leveraged this phase to push above price levels that they are unlikely to revisit in their future.

XRP’s Underperformance in 2020

However, some have failed on certain occasions to capitalize on the market run during such periods. For instance, XRP, which capitalized on the bull run from 2017 to 2018 to record an impressive 60,000% upsurge, was unable to leverage the 2020/2021 bull phase.

Some argue that XRP’s disappointing performance was a product of the SEC lawsuit against Ripple, which began in December 2020, right before the market slipped into a bull run. The lawsuit impacted XRP’s price action negatively, as several U.S.-based exchanges delisted the token, leading to a large-scale capitulation event.

However, with XRP declared a non-security during the summary judgment decision last July, these exchanges have relisted the altcoin. Now, certain market analysts believe XRP would not miss out on the ongoing bull run despite warnings from a few market commentators.

What if XRP Replicated BNB’s 2020 Run?

It bears mentioning that multiple assets saw remarkable rallies during the 2020/2021 bull run. For instance, BNB started 2020 with a price of $13.7 and spiked to $27 in February of that year. However, when a correction ensued, the Binance-affiliated token collapsed to a low of $12.5 in March 2020.

This bearish turn was short-lived, as BNB eventually recovered. The recovery push resulted in a massive run, as the altcoin saw 11 bullish monthly candles out of the 13 over the next year. BNB Spiked from the $12.5 low in March 2020 to a peak of $638 in April 2021. This marked a remarkable 9,813% increase.

BNB 1M Chart
BNB 1M Chart

With XRP now rid of the legal pressure that inhibited its run in the 2020/2021 session, we recently assessed what price the XRPL native token could attain if it replicated the run engineered by BNB from March 2020 to April 2021. 

Notably, XRP traded at a low of $0.5386 in March 2024. However, multiple market watchers expect this ongoing bull run to extend to the next year, a similar trend from previous bull markets. Should XRP capitalize on the second leg and replicate BNB’s 9,813% rally, its price could reach $53, a new all-time high.

XRP 1M Chart
XRP 1M Chart

At such a price, a $1,000 investment in XRP would yield $96,839. While this presents a massive opportunity for investors to ride on, the scenario is purely hypothetical and without guarantee. This is largely due to XRP’s supply, which would take a $53 price per token to a market cap of $5.3 trillion.

Bernstein Sets Fresh Bitcoin Price Target at $200K, Describing It “Conservative”

Albert Brown
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Analysts at Bernstein, a leading brokerage and research firm, foresee Bitcoin reaching $200,000 by the end of 2025, a target described as “conservative.”

In a statement to clients on October 23, Gautam Chhugani, Bernstein’s lead on crypto assets, noted that Bitcoin is headed for $200,000 by the end of this cycle in 2025, adding that they ‘are being conservative’ with that outlook.

The analyst highlighted Bitcoin’s potential as a “store of value,” given its fixed supply and ongoing economic uncertainties. With the U.S. national debt exceeding $35 trillion and persistent inflation risks, Bitcoin is seen as a compelling alternative to traditional assets like gold.

Alternative Investment Options

Meanwhile, the Bernstein analyst offered suggestions for investors who may prefer indirect Bitcoin exposure. Notable options include MicroStrategy, a company with the largest corporate Bitcoin holdings, and Robinhood, a trading platform that is steadily expanding its cryptocurrency services.

Additionally, U.S.-listed Bitcoin mining firms, like Riot Platforms and CleanSpark, were mentioned as appealing investments. These firms are focused on scaling up energy resources to support their Bitcoin mining operations.

Core Scientific, another notable entity in this space, has diversified into AI services while retaining substantial Bitcoin mining capacity through its robust energy infrastructure. 

Other Analysts Supporting $200K Bitcoin

The price target of $200,000 by 2025 is not unique to Bernstein’s analysis. Sminston With, a prominent crypto analyst, has argued Bitcoin could exceed this level.

He cited a Decay Channel model indicating potential prices ranging from $199,106 to $207,623 by early 2026.

Moreover, the analyst noted that even the lowest estimate remains bullish, assuming that Bitcoin’s price decay converges to its minimum support line, a scenario he deems unlikely.

Additionally, he argued that if the exponential pattern of past cycle tops remains consistent, Bitcoin could perform better than anticipated, potentially surpassing the forecasted range.

Standard Chartered’s Bitcoin Outlook

Geoff Kendrick, head of digital asset research at Standard Chartered, also projected Bitcoin to reach $200,000 by 2025, irrespective of the outcome of the U.S. presidential election.

Kendrick linked this expected surge to three factors: policy shifts, inflation concerns, and increased inflows into spot Bitcoin exchange-traded funds (ETFs). 

He pointed to the potential repeal of Staff Accounting Bulletin 121, which limits the amount of digital assets that banks can hold. President Biden initially vetoed the regulation despite congressional support for its removal.

If elected, Kendrick expects that either Donald Trump or Kamala Harris could overturn the policy, which may create a more favorable regulatory environment for Bitcoin’s growth.

Chainlink and Swift’s Blockchain Payment Integration Hits Production-Ready Stage

Abdulkarim Abdulwahab
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Chainlink and Swift’s Blockchain Payment Integration Hits Production-Ready Stage

Sergey Nazarov, co-founder of Chainlink, confirmed today that the integration of Swift’s traditional payment system with blockchain technology has reached a production-ready stage.

Nazarov made this crucial revelation at the Sibos 2024 conference currently holding at the China National Convention Centre in Beijing. This year’s Sibos brings together financial services leaders from around the world. Nazarov’s announcement marks an important milestone for digital asset transactions in traditional finance.

Chainlink Swift Blockchain Payment Integration for TradFi 

Chainlink has been collaborating with Swift for several years to enable the use of Swift messages and standards to seamlessly interact with blockchains. Nazarov highlighted that the once-conceptual blockchain integration has now moved to a pre-production stage, allowing institutions to begin real-world testing. 

“We’re now at a point where this system is ready to be integrated with your existing institutional systems,” he said during his keynote address.

The system operates through a pre-settlement phase, where traditional Swift messages communicate transaction details such as settlement status and intent. Following this, the process shifts to the blockchain, where Chainlink facilitates the conversion of Swift messages into on-chain events.

Nazarov explained that this integration allows financial institutions to use Swift’s existing infrastructure for blockchain transactions, whether for tokenized funds, real-world assets, or Central Bank Digital Currencies.

The innovation lies in the ability to reuse Swift’s off-chain payment system to settle digital asset transactions, making it easier for institutions to adopt blockchain technology without overhauling their current operations.

Financial Institutions Can Test Chainlink-Swift Payment Integration

As a major part of this new process, Chainlink converts payment confirmation messages from Swift into on-chain events, enabling traditional payments to settle digital assets. The system also ensures that assets are unlocked and transferred on-chain after payment confirmation.

Slide from Chainlink co founder presentation
Slide from Chainlink co-founder presentation

“This is not just a concept or a plan — it’s a product you can start integrating today,” Nazarov emphasized. The demo system is available at Chainlink’s booth at Sibos, giving financial institutions a firsthand look at how Swift messages can be used for blockchain interactions at minimal cost.

Chainlink (LINK) Price Action

However, this pivotal announcement from Chainlink has yet to positively impact the market value of its native asset, LINK. At press time, LINK is trading at $11.37, down by 7% over the last 24 hours.

Here’s How High Cardano Could Go If Its Market Cap Reaches $1T

Lele Jima
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0
Here’s How High Cardano Could Go If Its Market Cap Reaches $1T

Cardano (ADA) could surge substantially to a new all-time high if its market cap reaches a remarkable target of $1 trillion. 

The recent crypto downturn has had a negative impact on the price of Cardano (ADA). ADA, which traded above the $0.37 mark earlier this week, is currently hovering around the $0.35 level. 

ADA is priced at $0.354 at press time, reflecting a decline of 3% in the weekly charts. Moreover, the coin is also down 56.13% from its yearly peak of $0.807, registered in March 2024. 

In August, ADA dropped out of the top 10 cryptos by market cap. Currently, it ranks as the 11th-biggest cryptocurrency on CoinMarketCap, with a valuation of $12.4 billion. 

Cardano Loses Top 10 Spot, But Investors Project ADA Will Hit $1T Market Cap 

ADA’s underperformance has not dampened investors’ confidence in the asset. Many of its community members believe ADA will bounce back to reclaim its top 10 position. 

Interestingly, some users have set an ambitious target for Cardano, projecting that the coin could eventually reach a valuation of $1 trillion. 

Prominent crypto investor Lucid forecasted that ADA will be the first altcoin to hit a valuation of $1 trillion. According to Lucid, Cardano will achieve this remarkable feat by addressing the blockchain trilemma issue. Lucid said this would make Cardano more secure, decentralized, and scalable than other blockchains. 

ADA Price If It Hits $1T Market Cap 

As more investors expressed optimism in the projection, we analyzed how much an ADA coin could be worth if it ever hits a $1 trillion market cap.  

Clinching the $1 trillion market cap requires ADA to surge 7,964% from its current market cap of $12.4 billion. Hence, applying this growth rate to ADA’s price would see it rise to $28.546 from $0.354. This analysis assumes that Cardano’s circulating supply remains stable at 34.98 billion. 

If ADA trades at $28.546, a portfolio of 35,031 ADA coins could be valued at $1 million. Acquiring these 35,031 tokens would cost $12,400 at the current price. 

It is worth noting that some analysts have projected that ADA could surge to the $28 range in the future. In April, The Crypto Basic estimated that ADA could trade at $27 if it replicates its post-2020 halving performance, which led to a 6,100% surge. 

Additionally, analysts from Changelly projected that ADA could hit the $28 target between 2033 and 2040. These experts set ADA’s minimum, average, and maximum targets in January 2040 at $25.11, $26.60, and $30.66, respectively. 

While this projection looks enticing, it is pivotal to clarify that these estimates do not constitute investment advice. Nonetheless, Cardano has demonstrated its prowess to record substantial price spikes, as witnessed in the 2020/2021 bull market.

Cardano investors are preparing for the second phase of the 2024/2025 bull run. They anticipate the project’s development activities and decentralized governance model could usher in a massive rally for ADA this season. 

Cardano Founder Sees Argentina Leading Latin America in Blockchain Growth

Albert Brown
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Cardano Founder Sees Argentina Leading Latin America in Blockchain Growth

Charles Hoskinson, co-founder of Cardano, recently outlined a vision for Argentina’s economic future, positioning the nation as a potential global powerhouse over the next two decades.

During his visit to Buenos Aires, Hoskinson spoke about the country’s ongoing tech transformation and emphasized its alignment with blockchain innovation. He also discussed Cardano’s plans for expansion in Latin America, stressing Argentina’s potential to lead the region in technology development and economic growth.

Argentina as a Blockchain Hub

Hoskinson indicated that Argentina’s focus on technological advancement sets it apart from other South American nations. He noted the country’s current trajectory toward becoming a hub for blockchain innovation. He argued that Argentina could be a major player in the regional tech ecosystem.

This focus is fueled by the country’s increasing interest in digital infrastructure. With over $100 billion in crypto assets circulating locally, Hoskinson acknowledged the widespread adoption of crypto among Argentinians.

He sees this as a foundation for organized blockchain growth, aiming to collaborate with local developers and companies to harness the nation’s existing momentum.

Government Collaboration 

Hoskinson’s visit also included meetings with key Argentine political leaders, including President Javier Milei and Buenos Aires Mayor Jorge Macri. He discussed a 2030 digital agenda to bolster blockchain adoption nationwide. Hoskinson noted that public-private collaboration is essential for developing Argentina’s digital infrastructure. 

He advocated for a neutral approach, disconnected from political ideologies, to ensure long-term stability and growth.

Moreover, Hoskinson expressed optimism about Milei’s willingness to embrace economic reforms, even if they entail short-term difficulties. He likened this approach to China’s reforms in the 1970s, which ultimately led to massive economic development.

Cardano’s Expansion Plans 

As part of its regional strategy, Cardano plans to hire Argentine developers under a new agreement with software firm Globant. This hiring effort will establish a base in Argentina, supporting Cardano’s expansion into other Latin American countries, including Paraguay, Colombia, and Ecuador. 

Hoskinson believes Argentina’s technical talent pool can drive broader adoption of blockchain technologies across the region.

Elsewhere, his broader vision for Cardano includes surpassing Ethereum within a decade and Bitcoin in another ten years. Hoskinson envisions governments worldwide relying on Cardano’s infrastructure for decentralized applications.

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