On Friday (August 5), Charles Hoskinson, Co-Founder and CEO of Input Output Global (“IOG”), the company responsible for Cardano’s research and development, schooled a man who complained that the $ADA price had dropped since he bought some.
It all started earlier today when Hoskinson posted the following sweet photo of him standing next to a newborn horse at his farm in Colorado.
Twitter user “GatorRican” chose this moment to complain to Hoskinson about the “fact” that his $5,000 investment in $ADA in July 2001 is now only worth $1,500, which is a ridiculous complaint since just like Apple does not have direct control over the price of its stock (NASDAQ: AAPL), IOG does not have control over day to day movements in the price of $ADA. For example, if we are in a recession, then the price of most (if not all) tech stocks are going to be negatively affected.
Anyway, the IOG CEO correctly pointed out to him that it was unreasonable to complain to him about the drop in $ADA price since July 2021 since he has no control over when people buy $ADA and he cannot control the movements of the crypto market. Furthermore, he noted that if the purchase had been made in January 2021, since then $ADA has gone up, and so he would have had an (unrealized) gain of $1,750.
According to data by TradingView, on crypto exchange Binance, on 1 January 2021, $ADA was trading around $0.302 on 4 January 2021, and on 6 January 2020, $ADA was trading around $0.038. Currently (i.e. as of 3:23 p.m. UTC on August 5), $ADA is trading around $0.508. This means that those who bought $ADA in early January 2020 and who have HODLed since then are enjoying an (unrealized) gain (vs USD) of over 1236% (even though we are currently in a bear market).