Yesterday, pseudonymous crypto analyst Kara Szabo disclosed her purchase of $20,000 worth of Cardano ($ADA) when the cryptocurrency was trading at approximately $0.2578. Szabo expressed that the price was too good to pass up, signaling her confidence in the asset.
Following her announcement, Szabo faced some criticism for her investment decision. In response, she said on X that the $20,000 investment was relatively modest and that she might consider investing up to $100,000 through dollar-cost averaging (DCA) if the price continues to decline. She downplayed the risks, stating that being wrong would have minimal impact, a scenario she finds unlikely.
In addition to her Cardano investment, Szabo also shared her broader investment philosophy. She urged her followers to buy cryptocurrencies now rather than sell, emphasizing that the current market conditions offer opportunities to accumulate assets at discounted prices. According to Szabo, strong coins currently in the red represent the path to financial success.
Szabo also offered her perspective on the overall crypto market trends. She pointed out that the crypto market has historically experienced downturns in September. Over the last six years, Bitcoin ($BTC) has generally been in the red during this month. Szabo predicts a conservative 5% to 10% drop in the market, followed by a likely recovery in October.
Furthermore, Szabo expressed skepticism about the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in 2023. She indicated that she sees zero chances of such approvals happening this year.
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Earlier this week, Charles Hoskinson, Co-Founder and CEO of IOG, expressed his belief that ADA has the potential to become the world’s largest cryptocurrency.
During his speech at the Rare Evo 2023 convention, he said:
“So, that is our challenge, and this is why I think that Cardano is probably going to become the biggest cryptocurrency in the world. I think that it’s going to become more than just a cryptocurrency. I think it’s going to become the backbone of a new digital nation, a new society—a place where we can finally begin to trust each other again, where we move from ‘don’t be evil’ to ‘can’t be evil.“
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Around the same time, the host of the DCA Crypto YouTube channel predicted that Cardano could reach between $3 to $7 in the next bull run. While ADA reached up to $3 in the last bull market, the video argues that a 10-20x return is very likely in the upcoming cycle.
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Featured Image by Traxer via Unsplash
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- Source: https://www.cryptoglobe.com/latest/2023/09/crypto-analyst-explains-why-she-just-bought-20k-worth-of-ada/
