Cardano Could Soon Cool, But the Long-Term Bull Case Remains
Here's why Cardano has been on the move in recent days
Today, crypto investors have another reason to jump on the Cardano (CCC:ADA-USD) bandwagon. Indeed, Cardano hasn’t been moving as much as its crypto peers of late. However, the recent Cardano (ADA) Africa news appears to be a key catalyst with the potential to drive some pretty impressive gains for ADA-USD investors in the coming weeks and months.
Indeed, Cardano is a unique blockchain platform. Investors have gravitated toward Cardano and other proof-of-stake blockchain options of late, away from the proof-of-work (mining-based) blockchains made famous by Bitcoin (CCC:BTC-USD). Cryptocurrency mining uses a ton of power, and Cardano’s proof-of-stake model is one that’s a lot more environmentally friendly. This alone has been a huge catalyst for Cardano prices.
However, today’s announcement from Cardano that it will be partnering with the Ethiopian government to digitize the country’s education sector is big news. Cardano is already viewed as an innovative crypto option today. Indeed, this move further cements this thesis.
Let’s dive a bit more into the news that has investors excited about Cardano (ADA) today.
Cardano (ADA) Africa News
After hitting a low near $1 per token on April 25, Cardano has been on a steady rise higher in recent days. In fact, today, ADA is trading above $1.30 at the time of writing.
A key driver of this renewed enthusiasm in ADA has been the company’s move toward digitizing the education system in Ethiopia.
In partnership with Cardano developer Input Output Hong Kong (IOHK), the Ethiopian government is looking to deploy decentralized identity solution Atala PRISM to thousands of schools in Ethiopia. This identity solution will be used to “digitally verify grades, remotely monitor school performance, and boost education and employment.”
Indeed, Ethiopia is a massive African market. The country is the second-most populous country in the continent, and is seen as a key growth market in Africa. Investors seem to like this announcement, given the recent rally in ADA of late.
Additionally, Cardano held the Live Africa Special Event today to further discuss this announcement.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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