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- Argentina is on the verge of becoming a crypto hub after sealing a strategic partnership with the Cardano Foundation to facilitate blockchain adoption.
- This, coupled with technical moves confirms a bullish outlook above $1 with an analyst predicting $7.8 for ADA.
The Entre Ríos Province in Argentina makes a groundbreaking move towards the facilitation of blockchain adoption through a strategic partnership with the Cardano Foundation. This is confirmed in information reviewed by CNF disclosing that the strategic partnership was signed and sealed by the governor of Entre Ríos Province Rogelio Frigerio, and Rafael Fraga, the lead for Business Development at Cardano Foundation.
How the Cardano and Argentina’s Alliance Started
Per our research, the engagement with Cardano started with a tweet by Dario Epstein, Director at Research For Traders, hinting that a technology company that specializes in third-generation blockchain with a focus on decentralized government had contacted the government to establish itself in Argentina. Surprisingly, Cardano’s co-founder Charles Hoskinson replied with high praise for the tech talents in Argentina.
Over the past eight years, developers from Argentina like ATIX’s Alan Verbner have been invaluable in the development of some of Cardano…Argentina has some of the brightest minds in our industry and it has been a privilege to work with them.
This response triggered rumors that the said company was Cardano. Interestingly, the speculations intensified after President Javier Milei reposted Hoskinson’s reply.
Argentina Creating Space for Crypto Adoption
Argentina recently approved the modification of laws around anti-money laundering (AML) and combating the financing of terrorism (CFT). As disclosed by Crypto News Flash, the country pushed for a new bill to provide a significant tax cut for individuals who make their crypto declaration.
Interestingly, its effort to create a crypto-friendly environment came under notice after President Milei tweeted Max Kieser, a Bitcoin proponent and an advisor to El Salvador’s President. Prior to that, his government had legalized the use of Bitcoin and other cryptos for contract payments and settlements.
Argentina’s National Securities Commission (CNV) was also reported to have spearheaded a collaboration with the National Commission of Digital Assets (CNAD) in El Salvador as part of the plans to gain insight into Bitcoin adoption and crypto regulation.
El Salvador was chosen because of its bold decision in 2021 to adopt Bitcoin as a legal tender alongside the US Dollar. According to experts, Argentina is likely to leverage this expertise in the technology sector to ensure the efficient delivery of crypto services.
Expectedly, this move slightly revived the price of ADA with a daily surge of 0.12%. However, the price-determining factor of the asset failed to overpower other external broad market factors, causing a 1% decline in the last 24 hours. At press time, ADA was trading at $0.45.
For crypto market veteran Javon Marks, ADA would likely hit $7.8 after updating an earlier prediction of $2.7. According to his observation, the current market behavior mimics a 2020 to 2021 trend where the asset pulled back after breaking out from a multi-year descending trendline. From that point, the asset spiked to $0.81, $1.60 and $2.39.
$ADA (Cardano) and a 15X 👀Prices of ADA showed major progress since breaking the resisting trend, climbing roughly +222% towards its first target at $2.7709 and the recent pullback could be strengthening them for even more climbing!
