Algorand made headlines this week with an incredible 57% daily gain
while the rest of the market was still stumbling from Tuesday's manipulated flash crash.
Does this mean Algorand is making a play for the top 10?
Or is this just a pump and dump?
Let's get it!
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In this video,
we're going to be talking about some of the moves that Algorand has been making recently
and give you a price prediction based on some fundamentals with the project.
Algorand doesn't play into the crypto hype machine so it often flies under the radar going unnoticed.
But this blockchain has some of the best technology in the industry
with one of the most respected teams.
People couldn't help but take notice this week though
when Algorand blasted from around $1.30 all the way up to $2 in a single day,
Price action followed news that El Salvador will be using Algorand
to build its government blockchain infrastructure.
As regular viewers of the show will know,
El Salvador has recently declared Bitcoin as legal tender throughout the country.
But it seems that blockchain adoption for this region won't be stopping there.
It is very likely that this project could have better results than the Bitcoin legal tender adoption
that we have seen play out over the past week.
The government's Bitcoin wallet had trouble keeping up with demand on the first day.
And there were even some people protesting against the rollout
because they felt that it was being forced on them.
Once people are actually exposed to Bitcoin,
most are going to want to save it because it's a store of value.
Blockchain infrastructure on the other hand can fulfill a ton of different use cases.
The technology available through Algorand can handle the level of activity that the nation state demands.
The country's blockchain network will be developed by Koibanx,
one of the leading crypto companies in Latin America.
Koibanx has already started using Algorand
in the development of government services across Latin America.
The company has built platforms that were used for point-of-sale credit issuance systems
as well as programs related to the pandemic response.
Not many details have been released
about how the government in El Salvador will be utilizing blockchain technology,
but the possibilities don't stop at just buying burritos.
Blockchain services can be used to make government services more efficient
and less bureaucratic,
make it easier for citizens to get stimulus or government funding,
banking and public records can also be moved on to the blockchain,
and this technology can give people throughout the country better access to financial services.
However, we can't be so naive to think that any government makes a decision this big
purely in the best interest of its people.
Governments will also attempt to use this technology for things like surveillance,
and politicians in El Salvador could have these types of use cases in mind.
Still, this technology is far more open, transparent and democratic
than the systems used in traditional finance.
And the culture of this industry is built on the ideals of decentralization and freedom.
Unfortunately, governments and corporations will always have the upper hand.
Blockchain technology levels the playing field like never before.
Algorand has an extensive history working with governments
to implement a variety of different blockchain strategies.
Algorand has previously partnered with the Brixton city council
to tokenize the local Brixton Pound,
an independent local currency designed to keep money in the community.
They also signed an even bigger deal with the government of the Marshall Islands
to provide the infrastructure for the region's national digital currency SOV,
which will circulate alongside the US dollar.
DeFi platforms are also coming to the Algorand blockchain,
allowing investors to earn high interest yields on their crypto assets.
One of the most anticipated platforms is Algofi,
which recently announced the upcoming launch of its DeFi lending app for the Algorand blockchain.
Algofi is currently live on Algorand's testnet
and hopes to point watch on the mainnet for public use by the end of this year.
Algofi's backers are deeply tied to the traditional financial system.
When I say deep,
I mean deep.
The platform was founded by John Clarke and Owen Colegrove,
who initially worked with Citadel before defecting from Ol-Fi and jumping on the DeFi rocket ship.
Citadel is the massive financial firm that has recently come under scrutiny
for obtaining a large percentage of Robinhood's trading order flows,
making them public enemy No. 1 for Reddit, WallStreetBets and Dave Portnoy.
If you like the stock,
smash the like button and subscribe button.
It puts you in the BitSquad,
which is like being a stoolie except you actually make money.
This connection is important to bring up
because we've all seen how crypto projects with ties to the legacy financial space
have a way of sticking around and succeeding in these markets.
How strange.
The Algorand blockchain itself has some of the smartest developers behind it.
Algorand was founded by Silvio Micali,
an MIT professor and Turing Award- winning cryptographer,
one of the pioneers of this industry.
His early work in cryptography laid the foundation
for many of the technologies that make our industry possible today.
He even helped develop zero-knowledge proofs,
one of the advanced cryptographic technologies that's currently being used to help scale Ethereum.
These are those ZK-rollups that you may have heard about
and may have confused with a fruit snack.
Although zero-knowledge proofs were developed many years ago,
they're far ahead of their time and didn't develop a major use case till crypto assets came along.
But now this innovation is essential for growing the cryptoverse.
As Algorand continues to develop successful partnerships
around the world with various governments,
they are quickly becoming the blockchain of choice for new nations wanting to adopt this technology.
They have also positioned themselves to be as government-friendly
and regulatory compliant as possible
and have even partnered with several environmental organizations
to protect themselves from the green FUD.
This is one coin that you are going to want to keep a close eye on for the rest of this cycle.
And I don't think it's too late to get in.
At just over $2 per coin, ALGO is a steal.
The tokenomics of ALGO are a hard nut to crack.
It has a high coin supply---10 billion.
And it's already in the top 20 by market cap.
Just about to break $11 billion.
Price action could move it into the top 10,
which would be 180% pump between now and the end of the year.
Not a bad potential return for such a solid project.
It's not just a moonshot crypto though.
It's obvious that its partnerships and fundamentals are going to see it through the bear market.
There are also ample ways to stake ALGO and make returns on it like on Coinbase
for a Gary-Gensler-unapproved 4% return a year.
Keep ALGO on your radar.
It's got a lot more moves to make.
That's all I got.
Be blessed.
BitBoy out.