Cardano (ADA) is one of the biggest and most popular crypto projects. The protocol was founded by Ethereum (ETH) co-founder Charles Hoskinson in 2017. Although the crypto market has had its fair share of ups and downs, ADA has remained one of the most valuable projects out there.
In a recent video, popular crypto influencer Ben Armstrong, a.k.a. Bitboy, discussed how Cardano (ADA) could become millionaires. Armstrong admitted at the outset of his analysis that ADA has been trading at or near $1 for a considerable amount of time. This also included the bear market. However, he made note of the possibility that any amount of ADA may become valuable once ADA begins to soar.
So how much Cardano does one need to become a millionaire?
Armstrong calculated that acquiring just over 300,000 ADA tokens would make someone a Cardano millionaire based on the previous all-time high of $3 for ADA. And it would cost about $120,000 given ADA’s current price of around $0.40. Armstrong emphasized his conviction that the price of Cardano (ADA) would go much higher than its ATH. Therefore, making the millionaire milestone more reachable.
During the subsequent bull run, he anticipates Cardano (ADA) to approach $3 due to several factors. These include the escalating interest in emerging nations and the impending Hydra upgrade. Bitboy gave three scenarios for ADA’s price. In the first case, if ADA’s market cap reaches $175 billion, its price may exceed $5. For this instance, 200,000 ADA would be equivalent to $1,000,000 at the current exchange rate.
In the second case, if ADA reaches $8, it would result in a $280 billion market cap. Around 125,000 ADA would be needed to reach millionaire status, which works out to almost $50,000 at the current price of $0.4.
The third scenario Armstrong presented concerned ADA going parabolic and endangering Ethereum’s market capitalization. If the price of ADA rose to $10 and the market value exceeded $350 billion, having 100,000 ADA would be sufficient to attain the million-dollar mark. An estimated $40,000 in current investment would be needed. At press time, ADA was trading at $0.370277, down by 0.8% in the last 24 hours.