Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic

Cardano (ADA) has been experiencing struggling prices since it hit its all-time high above $3 back at the start of September. Since then, it has been on a downward trend and had fallen below $2 for the first time as October drew to a close. Despite some important announcements and strides on the part of the project, the token has not seen much recovery, leading to panic among its holders.

In light of this, founder Charles Hoskinson once again took to YouTube to address those whom he thinks are too overly concerned about price rather than the technology. This will not be the first time that the mathematician has had to address price concerns from the community.

Related Reading | Cardano Founder Says Metaverse Is Important For Crypto

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A week ago, Hoskison had also taken to his YouTube channel to address price speculations, mentioning that money was not the purpose of Cardano. Rather the benefit of the blockchain to humanity was the goal.

Hoskinson Calls For Calm

In his YouTube video, the Cardano founder asked the community to calm down when it comes to the price of the digital asset. There have no doubt been sell-offs happening in relation to the cryptocurrency but this is normal for any asset really. Investors will get to a point where they sell off some of their holdings to take gains. The founder asked people who were in a panic over this sell-off to “chill out”.

Cardano price chart from

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ADA low momentum continues | Source: ADAUSD on

The founder pointed to the notion of price discovery given the performance of coins like Dogecoin and Shiba Int which have no utility whatsoever, yet have seen tremendous growth. He calls for people to forego the notion of price discovery and instead focus on the impact of the project.

Mostly, Hoskinson pointed to newcomers who have mainly been the ones panicking when it comes to price. He explains that people like these are obsessed with price and “there seems to be an utter lack of perspective.”

Cardano Looking To The Future

For the older investors in the project, most had gotten into Cardano for the impact that they knew the blockchain could have and Hoskison has echoed that sentiment. Instead of looking at price, the founder prompted the community to look towards the future, towards what Cardano could mean for the world someday.

Related Reading | Cardano Leads Altcoins As Market Marks 13th Consecutive Week Of Inflows

For Hoskinson, Cardano goes beyond making money through investing in the token. He sees the project being an important part of the backend of nation-states and payment solutions going forward.

“If you look at a five-year, a 10-year, a 15-year, a 20-year package, we really feel that there’s a strong possibility Cardano could be the backend of many nation-states,” said Hoskinson.

Also, the founder explained that there is no way to accurately predict what Cardano would be worth once it reaches its full potential. However, Hoskinson sees Cardano as being “the biggest preserver of human rights the world has seen.”

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Cardano Founder Addresses Price Speculations As ADA Struggles

Cardano has not been doing well these past couple of days. With strong competition from Solana, the digital asset has had a hard time maintaining its position in the market. This has translated into suffering prices on the part of ADA, causing the market to speculate on where the value of the asset might be headed. Founder Charles Hoskinson took to YouTube to address these speculations.

Hoskinson who recently returned from his trip to Africa took to his YouTube channel to address the community on the trip and what lay in the future for the blockchain. As usual, the founder would usually take questions from the audience while live on YouTube and during the latest episode, the issue of price speculation came up a user asked about Solana flipping Cardano.

Related Reading | Cardano Flips Solana, Tether To Reclaim Spot At 4th Place

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Everyone Will Be A Millionaire

The question about the value of ADA seems to have struck a nerve with the founder, who questioned the identity of the user behind the question. Hoskinson said that there was something wrong with the way the market perceived value and this did not spell good news going forward. He pointed out that things like NFTs were being sold for insane amounts of money, saying the market was headed towards hyperinflation.

Cardano price chart from

ADA price trending above $2 | Source: ADAUSD on

The founder explained that accumulating money will provide no real meaning or purpose to one’s life, but added that everyone will be a millionaire soon enough. Not due to the value of digital assets going up, but hyperinflation which threatens to erode the market. “As we get closer and closer to hyperinflation, used to be millions, then it was billions, now it’s trillions,” said Hoskinson. “Every one of you will be a millionaire soon enough.”

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The mathematician did not end it there, though. He pointed out that the value of things is subjective, asking why so many people care about the price of ADA so much. For a blockchain like Cardano, it’s really all about the tech. “Why do you care?” Hoskinson asked during the session. “The whole definition of the value of things is up for grabs.”

Africa Is Looking Good For Cardano

Charles Hoskinson updated the community about his just-concluded tour around Africa, opening up about the opportunities in the continent for the project and blockchain technology in general. The founder referred to the month-long trip as “worthwhile” with “challenges of hyper-organization.”

Related Reading | What Went On In The Secret Meetings Between Cardano Developer IOHK And Zanzibar Officials?

Shifting focus to the Africa fund, Hoskinson revealed that some announcements are in the pipeline.

“We’ve brought some partners in. I think it’s going to end up being larger than anticipated. There’s a lot of great investments we’re going to be able to make in Africa, both on the infrastructure side, as well as the crypto side, to harmonize the two and bring things up.”

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