Buying this cheap crypto now could be a genius move
The latest technological upgrade from Cardano (ADA 4.56%) is not going as planned, and some crypto investors have already begun to sour on Cardano’s prospects. The upgrade (known as the Vasil Hard Fork), was originally scheduled for late June, but was first pushed back to late July and now to sometime in August. The Vasil Hard Fork, named in honor of the Bulgarian mathematician Vasil Dabov, promised to upgrade Cardano’s network capacity and improve the functionality of smart contracts and decentralized applications. Therefore, the news of the delay is understandably worrying, and some investors who had started accumulating Cardano ahead of the planned upgrade have already started to sell out.
So, with investor sentiment starting to turn against Cardano, could now be a good time to buy? Admittedly, there is some risk involved, but buying Cardano now could end up being a brilliant move. Cardano has a long history of being cautious with its technology upgrades, so you can rest assured that it won’t try to rush any upgrade to market without knowing that everything is working as planned. Also, Cardano is trading at $0.51 now, well below the all-time high of $3.10. At this reasonable price, there is plenty of room for upside.
Game-changer or game-ender?
The Vasil hard fork was intended to be a “game-changer” for Cardano, ushering in a new era of decentralized applications, smart contracts, and exciting development projects for the Cardano blockchain. For two years, Cardano has been under intense criticism for not having more activity on the blockchain. There was real euphoria in the Cardano community because the Vasil upgrade would essentially catch Cardano up with rival blockchains, especially Ethereum (CRYPTO: ETH)which pioneered the concepts of smart contracts and decentralized applications.
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With Ethereum scheduled to make a major technological upgrade of itself in September, the timing of the Cardano news has been particularly hard to swallow. At that very moment, it looked like Cardano was going to catch up with Ethereum; However, there are now concerns that it could fall further behind.
If there’s a silver lining to all of this, it’s that Cardano is known for taking its time with upgrades and fixes. This is very much a feature, not a bug, as Cardano takes a peer-reviewed, research-driven approach to all software changes. Every software change requires extensive testing, and all bugs are carefully reviewed. Sometimes this takes time, especially with something as complicated as the Vasil hard fork.
In a short video update on August 1, Cardano founder Charles Hoskinson compared the Vasil hard fork to a rocket launch. If even a single sensor fails during pre-launch checks, you must execute the mission. The last thing Cardano wants is the blockchain equivalent of a rocket exploding on a launch pad.
Trust the track record
What should give you confidence as an investor is that Cardano already completed a similar (albeit less technologically complex) upgrade back in September and another one back in May 2021. These upgrades are what helped send Cardano to an all-time high. And that’s why it can be so brilliant to buy Cardano now.
It’s really a matter of “when” and not “if” the new Vasil hard fork takes place. Once it does, the price of Cardano could really take off. While previous upgrades to Cardano focused primarily on speed and efficiency, this upgrade is all about introducing entirely new features to the Cardano blockchain.
In many ways, the situation with Cardano has parallels to what is happening now with Ethereum. People are excited about Ethereum’s new technology upgrade (known as The Merge) and are eagerly hoarding Ethereum ahead of the news. This is arguably the biggest news in the crypto world right now. All anyone wants to talk about is The Merge and how it’s going to change Ethereum forever.
The Ethereum news is so big that it completely supplants the news around Cardano. Most people probably don’t even know that Cardano had a major technical upgrade underway this summer. All the better for you as an investor because technological upgrades in the crypto world can be a great time to invest.
