Coin Bureau Looks Into Tezos (XTZ) And Identifies Factors For Success
Coin Bureau host, known as Guy is is looking into Tezos (XTZ), and what would have to happen for XTZ to rise to its previous all-time highs during this cycle.
In a recent strategy session, Guy shared with Coin Bureau YouTube channel’s 1.84 million subscribers that XTZ’s strength is built-in adaptability, which he believes is crucial to its long-term success.
“Tezos is one of the few cryptocurrencies that has been explicitly designed to evolve so that it may not only survive but thrive…
Tezos is on track to become one of the top cryptocurrencies.”
Tezos project was initiated back in 2014 and its native token XTZ launched in 2018. Tezos formula to success is built on design and governance, according to the project website.
“Tezos is an open-source platform that addresses key barriers facing blockchain adoption for assets and applications backed by a global community of validators, researchers, and builders.
By design, Tezos embraces long-term upgradability, open participation, collaboration, and smart contract safety.”
Guy points out that XTZ price is still undervalued after three years, especially compared to how Bitcoin (BTC) and Ethereum have done over the same time frame.
“XTZ hasn’t performed all that well compared to most other cryptocurrencies… only up about 10x. If ICO (initial coin offering) participants had held onto BTC and ETH instead, they’d be up almost 20x.
It’s safe to say that the Tezos Foundation is aware of the store-of-value properties of BTC.
Put simply, it’s likely the Tezos Foundation is getting a substantial amount of money from sales of XTZ whether from initial allocation, from staking and delegation rewards, or both.
The supposed selling by these and other entities such as institutional investors is probably why XTZ’s price has been suppressed since the start with few exceptions.”
The show host also highlights some significant corporate partnerships which have given XTZ’s price a boost, such as with game developer Ubisoft in April 2021 and Red Bull’s Formula 1 racing team in May.
Also, OneOf – the music-focused non-fungible token (NFT) marketplace – was built on Tezos and raised over $60 million funding last year.
XTZ Price
“As poor as XTZ’s price action has been, there’s no denying that its institutional partnerships are pretty impressive.
These partnerships, as well as Tezos’s continued upgrades and new DApps (decentralized applications), are starting to create some serious demand for XTZ.
This can clearly be seen in the positive price trend it’s been in since the previous bear market. If this momentum keeps up, I wager we could see XTZ retest its previous all-time high of $10 before the bull market is over.”
At time of writing, Tezos (XTZ) is trading at $4.04, down 6.8% on the daily chart.
