Cardano ADA/USD founder Charles Hoskinsonco-founder of Ethereum ETH/USDpredicted Bitcoin BTC/USD could reach between $250,000 and $500,000 over the next 12 to 24 months, driven by growing institutional investments and new decentralized finance opportunities.
What happened: In a recent live stream from Colorado, Hoskinson highlighted the transformative potential of Bitcoin, describing it as more than just a cryptocurrency but a strategic asset for governments and institutions around the world.
Hoskinson has deep roots in the cryptocurrency ecosystem and has highlighted Bitcoin’s evolution from a “dormant project” to a potentially revolutionary financial technology.
The cryptocurrency veteran believes that the Bitcoin ecosystem could see unprecedented growth, especially with the development of DeFi layers that could significantly expand its utility.
He said “governments view Bitcoin as a strategic reserve asset,” drawing a parallel with gold’s historical role as a store of value. Hoskinson predicted that “Bitcoin-based DeFi will overtake all other ecosystems within 24 to 36 months.”
In a speech at a Bitcoin conference in Nashville, Tennessee, last July, President-elect Donald Trump pledged to make the United States the “cryptocurrency capital of the world” and indicated plans to create a strategic Bitcoin reserve using government-owned cryptocurrency.
See also: Crypto’s next mega-rocket? One Analyst Predicts an Insane 2,725% to 6,600% Rise for This Coin
Why it matters: The prediction comes amid a volatile cryptocurrency landscape. Recent data shows that Bitcoin is experiencing significant price swings, with long-term holders selling 728,000 coins over the past 30 days, the largest sale since April.
Despite the short-term volatility, market analysts remain cautiously optimistic. Haider Rafiqueglobal marketing director at OKX Exchange, highlighted the significant profit potential for investors, with an average holding price of around $30,000.
Although bullish on Bitcoin, Hoskinson remains committed to Cardano’s role in the broader cryptocurrency ecosystem. He positioned Cardano as a “spiritual successor to Bitcoin” and highlighted the importance of creating hybrid applications integrating Bitcoin functionality, demonstrating its continued innovation in the blockchain space.
Price action: Bitcoin, the leading cryptocurrency by market capitalization, is currently trading at $93,201.11. The price is up 1.74% over the past 24 hours and 0.63% over the past seven days, according to data from Benzinga Pro.
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