Cardano has added over 100,000 wallets to its network in the past month, with 400 projects starting up in the last month alone. Almost 900 projects are currently building on the platform, with the forthcoming Vasil hard fork in June providing “massive performance improvement” to Cardano’s capabilities. Meanwhile, the European Union’s general public has overwhelmingly rejected the notion of central bank digital currencies (CBDCs), citing concerns over privacy; 45% of survey respondents were German, with more than half of the country’s population curious about cryptocurrencies, and over 40% owning digital assets. CBDCs are seen as tools for government overreach and totalitarianism. Economist Mohamed El-Erian predicts that inflation levels will cause cryptocurrencies to pump, as people move to hedge against the falling value of their fiat currencies.
Cardano Onboards 100k New Wallets and Grows Ecosystem
Cardano’s accessibility and numerous ongoing projects have made it a highly sought-after cryptocurrency in the market. Recent reports state that the platform has added 100,000 wallets in the past month, attracting new users, projects and investors. With the Vasil hardfork coming up in June, Plutus enhancements and over 900 projects building on the platform, Cardano’s growth potential is massive.
European Union Citizens Stand Firm Against CBDCs
The European Central Bank (ECB) had conducted a survey to gather feedback about their digital euro project. However, 11,000 citizens showed overwhelming concerns about privacy issues and government overreach. Though the German population is crypto-curious, a digital euro to replace cash or bank accounts is not preferable due to ethical concerns.
Record Inflation May Cause Cryptocurrency to Rise
Analysts predict a surge in the cryptocurrency market as a response to the Federal Reserve’s delayed action against record high inflation. Due to the dollar’s decreasing value, investors are attracted to cryptocurrencies as a solution. As a result, crypto’s scarcity, demand and value act as a hedge against inflation, further increasing investment.