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Well-known supporter of Bitcoin Max Kaiser recently forecast that over the course of the next six months Cardano could lose an additional 90% percent of its value relative to Bitcoin. Some ADA supporters like Cardano Whale have responded humorously speculating that this could result in lucrative purchasing opportunities for ADA.
For those investors who are seeking to preserve capital over the long term, Bitcoin is the preferred asset due to its decentralized structure and store of value narrative. Higher liquidity, a strong infrastructure supported by institutional investors and a large network effect are all advantages of Bitcoin. This gives Bitcoin a stable market advantage over many other cryptocurrencies.
However, Cardano presents itself as a blockchain platform that goes beyond Ethereum and other smart contract platforms to offer a more sustainable and scalable solution. With its peer-reviewed academic methodology and proof-of-stake consensus, Cardano seeks to provide scalability, energy efficiency and a solid foundation for projects involving decentralized apps and decentralized finance.
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Despite these developments in technology, ADA has come under fire for its sluggish adoption and development, which may have something to do with its pricing issues. The majority of investors are concerned about ADA’s competitiveness in the crowded market for smart contract platforms because its price has decreased dramatically over the last 12 months.
Max Kaiser made an extremely bold prediction, but it is in line with the views of some investors who think Bitcoin will only become more and more dominant. Long-term success for Cardano, however, will rely on its capacity to fulfill its commitments, draw developers and cultivate an ecosystem that will be useful for the majority of investors.
