HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Ex-Goldman Billionaire Mike Novogratz Throws Jab At Cardano, Describes ADA’s Community As A ‘Weird Cult’

Altcoins 2021/06/14 18:27 by Brenda Ngari
Ex-Goldman Billionaire Mike Novogratz Throws Jab At Cardano, Describes ADA's Community As A ‘Weird Cult’

Despite Cardano’s recent explosive growth, Galaxy Digital founder and CEO Mike Novogratz, a billionaire investor active in the crypto-asset space, showed his disapproval of the cryptocurrency. Novogratz argued that while Cardano (ADA) could very well survive indefinitely, its community is fundamentally a “weird cult”.

Speaking to Yahoo Finance recently, the Goldman Sachs alum said he is shocked by Cardano’s current $50 billion market valuation. “And so things like Cardano, it shocks me, the valuation. And it shocks every smart developer I know. They have done something to create this weird cult,” Novogratz said.

ADAUSD Chart By TradingView

Despite the cult-like status, he believes community coins like ADA don’t “die easily”. Novogratz is also not entirely convinced of Dogecoin’s (DOGE) colossal valuation. Even still, he likes the satire of it all.

Sometime in March, Novogratz asked his Twitter followers if any of them could provide a “real bull case for ADA”, following the question with whether anybody is building on it, using it, and why it has a mammoth market capitalization. Novogratz also revealed that Cardano is among the few cryptos he has never traded.

Cardano creator Charles Hoskinson told Novogratz that he was happy to talk to him about the Cardano ecosystem. Now it looks like the Galaxy Digital CEO did not take Hoskinson up on his offer.

During an AMA session later in March, Hoskinson posited that it would be wise not to count on Novogratz having a change of heart about Cardano especially when he is apparently “drinking from the Ethereum Kool-Aid and thinking that we are a scam”.

What’s Next For Cardano?

The fifth-largest blockchain is currently in the midst of a phased network upgrade.

The Cardano roadmap comprises five distinct phases namely Byron, Shelley, Goguen, Basho, and Voltaire. The Goguen era, which promises to bring smart contract functionality to the platform, is expected to fully go live later this year.

IOHK launched the first testnet for Cardano’s Alonzo rollout roadmap, AlonzoBlue, earlier this month. And as ZyCrypto covered earlier, the company recently reached a huge milestone: the first-ever smart contract was deployed on the AlonzoBlue Cardano testnet.

With the forthcoming updates bringing smart contract capabilities, Cardano is well-positioned to compete with other Decentralized Finance (DeFi) ecosystems.

0 Like(s)



You should also read...

Altcoins 21/02/20 12:07 by Brenda Ngari
Cardano Successfully Completes OBFT Hard Fork As The Network Gears Up For The Long-Awaited Shelley
Cardano’s (ADA) Ouroboros Byzantine Fault Tolerance (OBFT) hard fork is finally done. IOHK CEO Charles Hoskinson took to Twitter to announce that the Cardano network had successfully implemented th...
Read More
Altcoins 25/07/20 14:27 by Bernice Nyambura
Cardano Successfully Initiates Shelley Hardfork; ‘Things Should Get Easier Moving Forward’
To the huge excitement of both Cardano’s developer team and the Cardano community, the Shelley network has successfully initiated its highly anticipated hardfork process. Following a sentimental...
Read More
Altcoins 30/07/20 09:39 by Erie Maxwell
Cardano Adds Another Pillar Of Technology As Highly-Anticipated Shelley Upgrade Successfully Goes Live
Just days ago Charles Hoskinson, CEO of IOHK signed off a video address saying, “we’re Cardano, and if you’ll permit us, we’d like to change the world.”  We have reached Orbit. Shelley...
Read More
Altcoins 11/08/20 15:35 by Bernice Nyambura
Cardano Hits Over $10.4 Billion in Staked ADA as Staking Pools Approach 1000
In less than two weeks since its launch, Cardano’s Shelley network performance has been short of impressive. The latest from its dedicated staking metrics tracking site shows that there are over 25...
Read More
Altcoins 29/09/20 22:32 by Bernice Nyambura
Cardano Marks Third Anniversary As Over 50% ADA Is Delegated In 1200+ Stake Pools
The growing Cardano Community has celebrated the third anniversary of the Cardano network, almost three months after the successful launch of Shelley Network as the most decentralized blockchain ecos...
Read More