Millionaire investor and Bitcoin (BTC) enthusiast Mike Novogratz was attracted to Cardano (ADA) after the currency managed to pass $ 1 on Feb. 20 with a 500% jump this year.
In a tweet uploaded yesterday, Novogratz asked his 200,000 followers if any of them knew of the use case for the ADA surge and questioned why the current market value of the ADA is relatively high at the moment.
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
His tweet was later responded to by Cardano founder Charles Hoskinson.
Novogratz is the founder of digital asset bank, Galaxy Digital which offers a range of services including asset management as well as business, trading and investment services advisory in firms.
Earlier this year, the figure predicted the Securities and Exchange Commission (SEC) would approve the Bitcoin ETF within a year.
As recorded on the chart, the ADA price rose higher with a 500% jump this year from $ 0.18 starting early 2021 to an all -time high (ATH), $ 1.48 on February 27th.
However at the time of writing, the ADA is trading at $ 1.15 with a 0.69% jump in 24 hours.
Among the factors that drove the ADA surge include:
⦁ Mary’s protocol upgrade is expected to take place this week
⦁ Potential to integrate with several major industries in the future
⦁ FD7 Ventures sold $ 750 million worth of Bitcoin (BTC) to buy Cardano and Polkadot last month
⦁ Gene Simmons of rock group Kiss has made a $ 300,000 investment in Cardano after buying several other cryptocurrencies including BTC, ETH and DOGE.
