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Why did this popular crypto analyst buy 1 million ADA?

Cardano (ADA) developer IOG has launched the first testnet for its smart contract platform. “Alonzo Blue”. The first phase of the roadmap is to be completed around September, with full implementation of smart contract capabilities for the platform. The development of Cardano did not go unnoticed.

Popular cryptocurrency analyst Ben Armstrong recently revealed his 1,000,000 ADA holdings, which he bought when the cryptocurrency was priced below $0.15. Analysts were attracted by his scientific approach and clear development stages.

This practice continues till date. IOG has outlined each step to be taken with Alonzo and the deployment of smart contracts. Cardano inventor Charles Hoskinson states that this method takes longer to complete, but minimizes bugs and provides better results. End users will benefit the most. armstrong said:

Their roadmap is painstakingly mapped to keep any corner cases to a minimum. Even on their website, they describe Cardano as peer-reviewed and evidence-based. This laser focus means that Cardano is poised to become a slim powerful machine ready to outdo its competitors.

They said that Hoskinson and Cardano’s vision to create a decentralized platform for government and corporate use with multiple real-world use cases There is one more reason to be bullish on the project. According to Armstrong, Cardano tries to be more than a platform for processing transactions.

Cardano wants to help second and third world countries get out of poverty and better their people. Countries like Colombia or Botswana are struggling because they lack the infrastructure to protect people’s property.

ADA Price Prediction, Imminent Parabolic Move?

With the first TesNet deployments for Alonzo and the recent partnership with IOG, Armstrong expects ADA to increase in price by 4x.

while writing, ADA Trades At $1.69 and has been one of the most resilient cryptocurrencies during the recent crash. The 7-day and 30-day charts are in the green with gains of 11.4% and 14%, respectively.

ADA is heading towards a recovery in the daily chart. Source: ADAUSDT Tradingview

The analyst expects it to reach $6.80 in this current cycle. However, this is a conservative prediction. The price could go a long way, Armstrong said:

But here’s the thing that’s setting ADA up for such a big pump. It has shown amazing resilience to price volatility in comparison to other options during this bull run. It has repeatedly broken its all-time high… I predict in my bullish scenario that ADA could reach $8-9 this year.

The analyst considers Cardano’s fundamentals to be “bright”. There are various projects already in the works on the platform, such as Occam Finance, liquid finance, and about 3,000 others, according to Armstrong. The dApps will deal with DeFi, DEXs, a decentralized launchpad for fundraising, and more.

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