The founder of Galaxy Digital, a crypto bank, Mike Novogratz, asked his Twitter followers what Cardano (ADA) is and why the asset has such a large market capitalization.
Last question before I go shower, can anyone make a real bull case for $ADA? Does anyone build on it? Use it? Why is market cap so high? Should it be a funding asset? It’s one of the few cryptos I haven’t traded in my life.
— Mike Novogratz (@novogratz) March 9, 2021
According to Novogratz, Cardano is one of several cryptocurrencies he has never traded. He also asked what sustains the coin’s bull run and whether it would be suitable for funding.
Critics replied that Cardano has no real use cases. In their view, the project is a flop because it does not support smart contracts.
2017 relict. Nobody wants to program in Haskell.
Hype coin.
Now they say smart contracts not needed? Big red flag.— Link₿all (@LinkBall7) March 9, 2021
At the end of February Cardano became the third asset by market capitalization. According to CoinGecko, as of writing the asset ranks fourth with a market cap of $37.3 billion. Over the last 30 days the ADA token rose 77% to $1.17.
Earlier, the crypto-focused investment fund FD7 Ventures plans to divest from Bitcoin for $750 million in favor of Cardano and Polkadot.
Earlier, bassist Gene Simmons bought ADA for $300,000.
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