Mike Novogratz, the CEO of Galaxy Digital, has recently stated that he has accepted a call with the CEO of IOG, Charles Hoskinson who is the creator of Cardano (ADA), to prove him wrong over his bearishness on Cardano (ADA).
With a number of questions posted on Twitter on 9th March, Novogratz challenged the use cases of Cardano and why the digital currency ADA accrued so much market capitalization.
Mike Novogratz tweeted, “Last question before I go shower, can anyone make a real bull case for ADA? Does anyone build on it? Use it? Why is market cap so high? Should it be a funding asset? It’s one of the few cryptos I haven’t traded in my life.”
The tweet received a lot of engagements from the crypto community members, especially Cardano enthusiasts. Some were of opinion that the popular entrepreneur was only trying to consider an investment in Cardano (ADA), just the way he invested in Cardano’s arch-rival, Ethereum (ETH) years ago.
Charles Hoskinson also reacted to the tweet, urging Novogratz to have a call with him. Hoskinson opines to convince him in relation to the narrative surrounding the Cardano project.
“Happy to have a call Mike”
Happy to have a call Mike
— Charles Hoskinson (@IOHK_Charles) March 9, 2021
Mike Novogratz accepts call with Charles Hoskinson
Mike Novogratz, the CEO of Galaxy Digital, has now accepted a call with Hoskinson, in a bid to hear convincing words that could change the bearish thought about Cardano and its native token ADA.
He reiterated that the current market capitalization of Cardano (ADA) is too much for the engagement garnered by the project.
Mike Novogratz wrote, “Really appreciate the engagement on this question. Maybe the most I’ve ever gotten on a question. I am bearish but will do a call with Charles Hoskinson next week. Maybe he can convince me that I’m wrong. Just seems too much market cap for the amount of engagement. I keep it simple.”
Really appreciate the engagement on this question.Maybe the most I’ve ever gotten on a question. I am bearish but will do a call with @IOHK_Charles next week. Maybe he can convince me that I’m wrong. Just seems to much market cap for the amount of engagement.I keep it simple. https://t.co/xahpAoRyua
— Mike Novogratz (@novogratz) March 12, 2021
Cardano (ADA) in the Market
Over the past few days, Cardano (ADA) has failed to replicate the usual surging trend it has been printing since the beginning of 2021. The cryptocurrency has since lost the third and fourth positions in the market to Binance Coin (BNB) and Tether (USDT) due to the lethargic price performance.
According to analysts, Cardano is currently in the state of accumulation, stating that the cryptocurrency could start its usual surging trend anytime soon. At the time of filing this report, ADA is trading at $1.06, with a 5.43% price downtrend in the last 24 hours.