Cardano Dan's Newsletter - Issue #23
Cardano and Africa
Welcome to Africa week of my quick-hitting newsletter about Cardano, Crypto Trading, Blockchain, Monetary Policy, & Data Privacy.
I hope you enjoy this week’s newsletters and they give you a glimpse into the reason Cardano is so focused on Africa and why it’s a win-win for Cardano and the people of Africa.
Quote of the Day
“I dream of an Africa which is in peace with itself.”
— Nelson Mandela
This is a big dream and I like it. If you’re going to dream, you might as well dream big. Economic prosperity can play a really big part in promoting peace. This has been proven over and over again throughout history. Let’s dig into the opportunity for economic growth in Africa.
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Business Opportunity in Africa
There is ENOURMOUS business opportunity in Africa. It is just huge. It’s a little dated, but this Featured Insights survey from McKinsey & Company on Rethinking the African Business Opportunity does a great job laying it out. If you don’t know who McKinsey is, let me put it this way, you should.
A quick blurb from the lead paragraph,
“Respondents in Africa and in other regions believe that 20 years from now, its combined GDP will be among the fastest growing in the world.”
Technology Will Drive Growth
From the same survey, come the following results. Top of the list? Increasing adoption of mobile and/or digital technologies is expected to be the biggest driver of Africa’s growth.
Getting Traction
So maybe you’re sold that Africa presents great opportunity and you want to get started right away. Hold your horses! It’s not that simple.
Doing business in Africa is different, as you’d expect, has its own nuances. But you might not expect how important it is to do business in person.
Again from the McKinsey survey,
“The results also suggest that on-the-ground knowledge is key to capturing this business potential. Respondents in Africa report higher revenue and profits there, as well as higher expectations for future growth and a more nuanced outlook on the specific countries where the best opportunities lie.”
Cardano Team Gets It
The Cardano team gets all of this:
The opportunity is huge
It has the potential to greatly impact people for good (more on this to come this week)
It requires boots on the ground
It’s why Cardano has already done the following:
Charles has been to Africa A LOT! And he’ll be going even more once travel restrictions ease.
The Director of Education at IOHK, Lars Brünjes, lived in Africa for a number of months to teach an all-female class of highly driven women to become the very first African class trained to develop and build on Cardano.
IOHK has a Director of African Operations, John O’Connor, who has been living in Africa for a number of years. During that time, he’s been functioning as the permanent “boots on the ground” to cultivate important relationships and opportunities. Here’s a recent interview by John explaining his work and the current status of things.
Check out this great video to get a glimpse into what Cardano is up to in Africa. Note that this video is from May 2019. It’s no coincidence the first “bird” we expect to land is an Ethiopian bird. It’s the result of YEARS of hard work and effort.
To summarize today’s newsletter - Cardano is in the right place, at the right time, with the right solution and the right strategy. IMHO, I think there are a whole group of birds lined up to land over the coming months and years. It’s more likely than not that any blockchain projects looking to compete with Cardano in Africa are already years behind.
Technical Analysis
The view below is quite busy, but there’s a reason for it. The candles represent 4 hour Cardano ADA price.
Blue, Maroon, and Pink lines represent DOT, BNB, and ETH price action. I took copies of each of their 4 hour price action since their last highs and synchronized those with ADA’s last high.
As you can see, all three broke higher after almost exactly the same amount of time since their prior highs.
You’ll also note a downward sloping white resistance line for ADA. If this pattern hold true to form, we’ll see a break above this trendline in the next three days, followed by some sort of retest, and then a strong move higher.
I really like this setup.
Before You Go
Please share this with people you think will like it!
Also, I’d love to hear your thoughts, questions, and feedback.
This newsletter is for entertainment and educational purposes. I’m not a financial advisor and you should do your own research and consult a financial advisor before investing in cryptocurrencies.