It’s impossible to talk about crypto right now without addressing the elephant in the room: 2022 was a year of implosion after implosion. But, according to Nick, this is actually good. You need to focus on where those implosions occurred – the Celciuses, Three Arrows, BlockFis, and the most infamous one of all, FTX. It’s the lenders that you want to avoid in 2023 (and probably should’ve been avoiding since day one anyway). They allowed borrowers to over-leverage their bets, and once prices came down, they imploded. It’s easy to see now, so avoid at all costs.
But, for Nick, crypto is still very much the future. We can’t allow current prices to dictate what the underlying technology is capable of. That’s the case with artificial intelligence (AI), which he believes will make monumental shifts in every industry and change the entire global workforce within the next decade. Automation is soon coming.
And that’s why his number one crypto to own for 2023 is Algorand (ALGO).
Currently priced at only around 20 cents per coin, it was up to $2.82 per back just over a year ago – so the potential runup could be huge. But it could go even higher than that because ALGO is a tech that any blockchain project could use (and a lot of them already do).
They speed up transaction times (think things like decentralized finance or loans) at a low cost, so a crypto project could use them to scale up whatever that business entails.