- Several surveys have shown that the great majority of JPMorgan customers do not believe bitcoin will reach $100,000 in the next 12 months. Despite this, more than 40% of those who took part in the survey believe the asset would be worth about $60,000 by the end of the year.
- The Cardano Foundation has hit a significant milestone in its forestry initiative, further solidifying its position as an environmentally friendly blockchain.
Clients at JPMorgan do not anticipate Bitcoin to reach $100K this year
After multiple forecasts from experts and analysts, the biggest cryptocurrency by market capitalization failed to reach the much-anticipated milestone of $100,000 throughout the last year. The truth is that Bitcoin closed the year 2021 on a downward trend, which continued through the first few months of 2022.
Some experts and proponents of the asset, on the other hand, continue to anticipate that it will reach this level within the next 12 months.
According to a recent study conducted by Bloomberg, the majority of customers of the international bank JPMorgan Chase & Co in the United States are doubtful of such a scenario. Only 5% of those polled believe bitcoin will reach a value of $100,000 by the end of 2022.
Nikolaos Panigirtzoglou, a strategist at the bank, said his customers' pessimism about the future of Bitcoin is not surprising. According to him, the coin's "fair price" is anywhere between $35,000 and $73,000, and it is dependent on how investors see the coin's volatility ratio in relation to gold.
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Notably, the most popular response (with 41 percent of the vote) predicts that bitcoin will trade at roughly $60,000 by the end of the year, representing a 40 percent rise over the current price of the currency.
In contrast to JPMorgan's clients, Nayib Bukele, the pro-bitcoin President of El Salvador, forecasted that the top cryptocurrency will reach a price of $100,000 by 2022, according to Bloomberg. He also predicted that at least two more countries would follow in his country's footsteps and recognize bitcoin as legal cash during the course of the current year and beyond.
Antoni Trenchev, a co-founder of Nexo, believes the asset will hit the six-digit mark in the near future. According to him, a price increase of this magnitude will be propelled by an increase in institutional usage and will occur by the middle of the year 2022.
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Furthermore, the Bulgarian, who is 35 years old, believes that bitcoin is an inflation hedge on par with gold. The present inflation rate in most nations is increasing dramatically, which might be another factor contributing to the rise in the value of bitcoin in the United States dollar.
The Cardano Foundation has planted almost one million trees in the fight against climate change
The Cardano Foundation, a non-profit organization dedicated to the advancement of Cardano, has achieved its first major milestone in the rehabilitation of land in Kenya. It has successfully planted more than one million trees, each of which will be recorded on the Cardano blockchain as evidence of its efforts.
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The milestone was revealed on Sunday by Frederik Gregaard, the CEO of the Cardano Foundation. His charity is seeking to position the blockchain as a "leader" in efforts to combat climate change, and eventually as a force for good, according to him.
According to him, "The #CardanoForest will assist in land restoration and local ecosystem development operations in Mombasa, Kenya."
All trees planted will be recorded on the Cardano blockchain for increased transparency and to serve as public verification of land restoration efforts," says the project's founder, Justin Sun.
The foundation is collaborating with Veritree, which is a nature restoration organization that employs blockchain technology to track and record data on its efforts to restore nature.
Every time a Cardano user exchanges their ADA for the TREE token, the group plants a tree. Later on, such tokens may be traded for digital tree NFTs, the rarity of which is determined by the amount of ADA that was spent on the first token. Gregaard refers to the
Cardano Forest project as "the MVP to demonstrate how transparency in SDG reporting can be achieved with blockchain technology."
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One wallet swapped as much as 100 000 ADA for an equal amount of TREE tokens, resulting in the planting of 100 000 trees, according to transactional data collected. At the time of writing, it amounted to more than $115 000.
In contrast to Bitcoin and Ethereum, Cardano is aiming to separate itself from other blockchains by following an environmentally friendly narrative. The latter two blockchains use a proof-of-work consensus process, which necessitates the usage of massive amounts of energy by computers all over the world – referred to as "miners" – in order to secure their networks. This has risen to the level of a controversial ethical debate among certain communities.
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Cardano, on the other hand, has a "proof-of-stake" system that takes just a tiny fraction of the energy required by Bitcoin to maintain security — albeit there are additional drawbacks to this approach.
Tesla CEO Elon Musk declared in May that the company will no longer accept Bitcoin owing to worries about energy use. Within a short period of time, Cardano creator Charles Hoskinson advocated that Tesla should replace NEM with ADA since it is more energy-efficient.
