Analyst in the cryptocurrency market justifies her $20,000 ADA purchase


Kara Szabo, the alias of a crypto researcher, recently went public with her $20,000 purchase of Cardano ($ADA) while it was selling at about $0.2578. Szabo indicated her trust in the asset by saying the price was too excellent to pass up.

Szabo’s investment choice came under fire after her announcement. In response, she commented on X that $20,000 was a little investment and that, if the price keeps going down, she may spend up to $100,000 using dollar-cost averaging (DCA). She dismissed the potential consequences, saying that it wouldn’t matter much if she were incorrect.

In addition to discussing her Cardano investment, Szabo spoke on her larger approach to investing. The current market situations provide chances to amass assets at reduced rates, she said, therefore she advised her followers to purchase cryptocurrencies rather than sell. Szabo claims that the way to wealth lies with powerful currencies that are now in the red.

Szabo also shared her thoughts on the general direction of the cryptocurrency sector. She said that September is often a bad month for the cryptocurrency market. Bitcoin’s ($BTC) price has been in the red during this month for the last six years. Szabo expects the market to fall between 5% and 10%, but he thinks it will bounce back in October.

In addition, Szabo doubted that the U.S. Securities and Exchange Commission (SEC) would greenlight spot Bitcoin ETFs in 2023. No such approvals are likely to materialize this year, she said.

This week, IOG’s co-founder and CEO Charles Hoskinson predicted that ADA will one day surpass all other cryptocurrencies in value.

During his address at Rare Evo 2023, he made the following remarks: “In light of this difficulty, I believe Cardano has the best chance of becoming the most widely used cryptocurrency. There’s potential for it to evolve into something more than the coin it is now. I see it as the foundation of a new digital country and civilization, one in which people can start trusting one another once again. We’ll be able to go from “don’t be evil” to “can’t be evil.”

Also Read: Former SEC Chairman Ensures Bitcoin Spot ETFs

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