News

Is Cardano a Possible Alternative For Tesla? ADA Price Hits New Heights

Tesla, owned by Elon Musk, has declared that it will no longer accept Bitcoin payments due to concerns about BTC mining’s excessive use of electricity (and fossil fuels). Tesla has halted BTC payments for its electric cars a couple of months after allowing them.

After this big breaking and once Musk announced that other Green cryptocurrencies are on their agenda, Many of them jumped in and pitched for themselves.

Is Cardano x Tesla an Obvious Match?

The latest pitch was by Cardano to consider its ADA cryptocurrency as a low-energy Bitcoin substitute, as expressed by statements published on Twitter.

The Cardano Foundation today in a tweet suggested that its ADA cryptocurrency is a good fit for Tesla. It called attention to what it sees as parallels between the two sides.

The Cardano Foundation, which seeks to support the Cardano ecosystem’s ongoing growth and development, points out that the project was created by engineers. All of the research and technical requirements that underpin Cardano are “publicly available,” according to the Foundation, and all Cardano development activity is regularly posted online. 

The Cardano Foundation also made some comparisons to Tesla in its presentation. Both firms, according to the group, should focus on the four main elephants as their bedding: scalability, unique solutions, sustainability, and innovation.

Sustainability is also a primary priority area for the initiative, according to the Foundation. They went on to say that their strategy is in line with or aligned with many of the UN’s Sustainable Development Goals. They also argue that running a computing node is “affordable” and “available.”

Also Read : Will XRP Be Tesla’s “Green Cryptocurrency” After Halting Bitcoin Transactions?

According to CoinGecko, shortly after the Twitter thread, ADA price soared to $1.96, a new all-time high, despite the overall bearish trend in the crypto sector. In 2021, ADA went from $0.181 to $1.96, which is an approximately 900% price surge. 

While Tesla has the potential to hop on and support ADA by being the first major company to embrace ADA, it seems unlikely given the lack of previous commercial interest.

Show More

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Related Articles

Back to top button
Close
Close