In an interview, Hoskinson revealed that a crypto revolution is brewing in the South American nation, and Cardano could be at the forefront. 

President Milei, often described as a “philosophical Austrian” with libertarian views, has shown considerable support for the new asset class. On the other hand, he has chosen to tiptoe in the crypto minefield. His political philosophy aligns with the crypto community’s ethos, which targets a decentralized system that eliminates government control over money. 

Milei, who took power a year ago, is a key player in promoting blockchain technology in Argentina. Sifting through the evidence, the country is plagued by hyperinflation; in the worst-case scenario, it is projected to hit 250% this year and has seen its citizens turn to crypto as a hedge against its depreciating Argentine Peso. Clocking back, Argentina ranked 25th globally for crypto adoption. 

Cardano is leading the charge in Argentina, making waves in the crypto world just as other projects have done in their respective countries. Working closely with Atixlabs, one of its early development partners based in the country, considering this and other historic presence in Argentina, Cardano is set to capitalize on Milei’s pro-crypto stance. A successful meet-up with the president could deepen the roots and influence government policies favoring ADA’s adoption.

Could History Repeat for Cardano (ADA)?

Turning to the matter of ADA adoption, in Q4 2023, the Cardano community was filled with jubilance after the token experienced a remarkable price rally of 166%, mostly fueled by increased market interest and, of course, the broader crypto bull run. Fast-forward and ADA has been bleeding out since March 2024, tanking nearly 66%. 

According to Santiment data, there is a twist regardless of the sub-optimal information.  According to Santiment data, whales holding between 1 million and 10 million ADA have accumulated 160 million tokens since mid-July 2024.

At the time of writing, ADA is changing wallets with $0.3538, marking a 0.46% decline. It’s worth noting that the heightened optimism around ADA’s potential surge is tied to Cardano’s recent recovery. As a matter of fact, Bitcoin is trading hands with $62,991.50, representing a 4.76% surge in the past week. Analysts predict that if Cardano’s price action mirrors its Q4 2023 rally, the cryptocurrency could target resistance levels around $0.509 and $0.600, potentially surging close to $1.