On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Cardano Price Predictions: What Does a New Burundi Deal Mean for the ADA Crypto?
Cardano (CCC:ADA-USD) might be losing out today thanks to an apparent market-wide downturn, but it’s not letting the gloominess get to it. Investors are getting awfully excited about a piece of Cardano crypto news coming out of Africa. Founder Charles Hoskinson and company are down in Burundi; they are forging partnerships with the nation’s government and furthering the goals of bringing digital currency to the continent. Now, investors are seeking out Cardano price predictions as they wonder where the news can take the ADA coin.
Cryptocurrency is becoming huge in Africa. In the last year alone, the African crypto market has grown by over $105 billion. Experts say that developing countries with less longstanding infrastructures stand to benefit the most from cryptocurrency; all that’s needed to begin saving and trading crypto is a smartphone. Thus, the market has been able to take off significantly there. In fact, Kenya is one of only a handful of countries globally that has a central bank digital currency (CBDC) currently available for citizens’ use. Additionally, Ghana, Rwanda, Morocco and Madagascar are all in the research and development stages of their own CBDCs.
It’s no wonder then that blockchain networks want to expand operations and forge relationships with this increasingly growing group of users and consumers. And as one of the most forward-thinking blockchain networks, there’s no surprise that Cardano is making noise in East Africa today.
Cardano Price Predictions Heat Up With Cardano’s Burundi Partnership
This afternoon, Cardano founder Charles Hoskinson and some other Cardano affiliates traveled to Burundi to begin forging a robust blockchain relationship with the government there. Hoskinson tweeted a photo of him at a meeting with government leaders, in which the two bodies signed a memorandum of understanding (MOU). An MOU is not a legally binding document but rather a formal agreement with two bodies to form a deeper relationship.
While we don’t yet know what Cardano’s newfound friendship with the nation entails just yet, the possibilities are quite exciting. As such, Cardano bulls are buying plenty of ADA; transaction volume of the coin is double daily averages. And of course, those investors are curious to know some Cardano price predictions. Let’s take a look at some, and see what analysts are saying about ADA:
- A bullish WalletInvestor sees the ADA coin rocketing from its current $1.94 value to $4.52 by October of 2022.
- Gov Capital’s price target for October of next year is calling for a $3.20 value.
- CoinPriceForecast sees things ramping up significantly before the year is through. The outlet expects ADA price to close out 2021 with a price of $3.12.
- The Economy Forecast Agency is a short-term bear, expecting ADA to drop to $1.83 by December. By October of next year, the site sees the coin rising to $3.47.