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Home Crypto Bitcoin

Cardano might form a “big three” with mainstream cryptocurrency- American strategist

by Shambhavi Soni
July 26, 2021
in Bitcoin, Crypto, News
Reading Time: 2 mins read
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Cardano, along with bitcoin and ether, might form a “big three” of popular cryptocurrencies, according to a portfolio strategist for the American financial services firm Morningstar.

Cardano, Ether, and Bitcoin, according to a strategist, might become mainstream cryptocurrencies.

Amy Arnott’s thoughts

In a recent interview with the Insider, Amy Arnott, a cryptocurrency-focused portfolio strategist at Morningstar, discussed her thoughts on crypto regulation, ether, and cardano.

Because many cryptocurrencies do not generate currency, Arnott believes it is difficult to identify a fair price for them. However, she noted that because ether is used to power decentralised finance (defi) transactions and enable non-fungible tokens, it has an inherent price (NFTs). The strategist went on to say that because ether is utilised as a utility, it should give some form of a price floor, but he didn’t specify what that should be. Many people talk about the network effect, which states that when these currencies are used more frequently and there are more interdependencies and connections, they become more valuable.

Cardano (ADA) is also a potential cryptocurrency, according to Arnott. It is a protocol comparable to Ethereum in that it offers a wide range of technological applications. Cardano, as well as various stablecoins, have sparked a lot of interest.

The Morningstar strategist continued to express her thoughts on institutional cryptocurrency adoption. “What’s remarkable is that institutional investors have been significantly more inclined to acquire cryptocurrencies and consider them as an investment asset in the last year or so. As long as this tendency continues, other cryptocurrencies will become more mainstream,” she said.

She stated that a diversified cryptocurrency index fund in the form of an exchange-traded fund would be ideal (ETF). However, the Securities and Exchange Commission (SEC) in the United States has yet to approve any cryptocurrency exchange-traded fund (ETF), making it “very difficult for mainstream investors to obtain exposure to cryptocurrencies.” Regulatory risk is a huge issue, according to Arnott, and it’s been the driving cause behind a lot of the volatility in recent months. It would be a major setback if governments around the world imposed restrictions on cryptocurrency in general or bitcoin and ether in particular.

What are your thoughts on the Morningstar strategist’s remarks? Please share your thoughts in the comments box below.

 

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