Cardano (ADA) has been struggling since its historical high of more than $3 in early September. Since then, it has been in a downward trend and fell below $2 for the first time at the end of October. Although the project made some important announcements and made significant progress, the token did not see much recovery, causing its holders to panic.
In view of this, the founder Charles Hoskinson once again spoke on YouTube to those who he believed were too concerned about price rather than technology. This is not the first time a mathematician has had to address the community’s concerns about prices.
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A week ago, Hoskison also participated in his YouTube channel solves price speculation, Mentioning money is not the purpose of Cardano. On the contrary, the benefit of blockchain for humans is the goal.
Hoskinson calls for calm
in his YouTube video, The founder of Cardano asked the community to calm down when talking about the price of digital assets. There is no doubt that a sell-off related to cryptocurrencies has occurred, but this is normal for any asset. Investors will reach the point of selling part of their holdings to obtain income. The founder asked people who were panicking about the sell-off to “calm down.”
ADA low momentum continues | Source: ADAUSD on TradingView.com
Given that the performance of coins such as Dogecoin and Shiba Int has no utility, but has seen huge growth, the founder pointed out the concept of price discovery. He called on people to abandon the concept of price discovery and focus on the impact of the project.
In most cases, Hoskinson pointed out that newcomers are panicked mainly in terms of price. He explained that people like this are obsessed with price and “seems to be totally lacking in foresight.”
Cardano looks to the future
For the old investors of the project, most people enter Cardano because they know the possible impact of the blockchain, and Hoskison also expressed this view. The founder is not looking at the price, but urging the community to look to the future and see what Cardano means to the world one day.
For Hoskinson, Cardano is more than just making money by investing in tokens. He believes that the project is an important part of the back-end of the future nation-state and payment solutions.
“If you look at the five-year, ten-year, fifteen-year, and twenty-year package, we really think that Cardano is very likely to become the back end of many nation-states,” Hoskinson said.
In addition, the founder explained that once Cardano reaches its full potential, its value cannot be accurately predicted. However, Hoskinson believes that Cardano is “the world’s largest protector of human rights.”
Featured image from Binance Academy, chart from TradingView.com