Just recently, the product comparison platform finder․com polled 36 fintech specialists about the cryptocurrency terra (LUNA) before terrausd (UST) lost its parity with the U.S. dollar. According to the poll, Finder’s experts predicted LUNA would be $143 before the end of the year. Currently, LUNA is worth far less than a U.S. penny and while it has gained over 23,000% in the last three days from the all-time low, LUNA would need to jump 58,331,533% to reach $143 per unit.
Finder’s Poll Recorded Before the Collapse Shows Fintech Experts Thought Terra’s LUNA Had Potential, While Others Remained Skeptical
Before LUNA and UST collapsed, a great number of people were very bullish about the Terra blockchain project. The product comparison platform finder․com’s recent terra (LUNA) Price Predictions Report, highlights this fact. The researchers at Finder have conducted many polls with dozens of fintech and crypto specialists concerning crypto assets like XRP, ETH, APE, and more. Finder’s latest survey touches upon terra (LUNA) and the poll’s data stems from late March to early April 2022, weeks before Terra’s ecosystem imploded.
Matthew Harry, the head of funds at Digitalx Asset Management, thought LUNA would end up being around $160 per coin by the year’s end. After the fallout, Harry said: “There is a lot of uncertainty around LUNA right now – the project is really ambitious and the objective an admirable one but just what the effect on the LUNA token itself will be is unclear.” 40% of Finder’s panelists did not think LUNA would be the most staked asset.
Desmond Marshall, the managing director at Rouge International, expected Terra’s native token LUNA to “fall flat very soon.” Marshall insisted that it was due to the “lack of overall functional support.” Despite 40% thinking LUNA would not be the most staked asset, 24% of Finder’s panelists said it would become the most staked coin, while the rest of the fintech specialists were unsure.
Swinburne University of Technology Lecturer Says Algorithmic Stablecoins Are Considered ‘Inherently Fragile and Are Not Stable at All’
According to Dimitrios Salampasis, director and lecturer at the Swinburne University of Technology, algorithmic, fiat-pegged tokens are easily broken. “Algorithmic stablecoins are considered as being inherently fragile and are not stable at all. In my opinion, LUNA will be existing in a state of perpetual vulnerability,” Salampasis said. Ben Ritchie, the managing director at Digital Capital Management, thought LUNA would gain traction as long as regulatory scrutiny on the stablecoins economy was lax.
“We believe that LUNA and UST will have an advantage and be adopted as a major stablecoin across the crypto space,” Ritchie said in the poll taken before the Terra fiasco. “LUNA is burnt to mint a UST, so if the adoption of UST grows, LUNA will benefit greatly. Having bitcoin as a reserve asset is a great decision by the Terra governance,” the fintech specialist added.
In addition to the bullish commentary, the panel average indicates people predicted lofty prices for LUNA before the UST tumble and LUNA’s value plummeting to zero. Prior to the Terra fallout, the panel thought LUNA would be $390 by the end of 2025, and $997 per unit by the end of 2030. With the way things look today, in mid-May 2022, LUNA will have an extremely hard time reaching $143 per unit.
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algorithmic Stablecoins, Ben Ritchie, Desmond Marshall, Digital Capital Management, Digitalx Asset Management, Dimitrios Salampasis, Finder’s forecasts, LUNA, LUNA prediction, Matthew Harry, Rouge International, Swinburne University of Technology, terra (LUNA), Terrausd (UST), UST, UST de-peg, ust fiasco
What do you think about Finder’s poll taken before the Terra collapse? Let us know what you think about this subject in the comments section below.
Jamie Redman is the news Lead at Bitcoin.com news and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com news about the disruptive protocols emerging today.
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