The founder of the Cardano (ADA) blockchain Charles Hoskinson is leaning bullish on Bitcoin (BTC).
Hoskinson says Bitcoin could skyrocket by up to 436% from the current level within two years. According to the Cardano founder, Bitcoin’s surge will be fueled by growing demand.
“It is my belief that Bitcoin is going to go to $250,000 to $500,000 within the next 12 to 24 months because of the investment inflows and the great interest that has been achieved. This will translate to an ecosystem whose value is starting to approach that of gold, an asset humans have used as a store of value for over 5,000 years.
Simply put, Bitcoin is the store of value for the internet and it will remain in that role for the foreseeable future.”
The Cardano founder says that governments and decentralized finance (DeFi) on Bitcoin could further serve as catalysts of demand for Bitcoin.
“It basically means that you can create a DeFi layer for Bitcoin and pay transaction fees in Bitcoin… [with the taproot upgrade] Bitcoin went from a sleeping-giant-never-to-awaken in innovation coma to an awakened giant that is four times the size of Solana and Ethereum combined.
Reality is that should these floodgates open, it is my belief that DeFi in the Bitcoin ecosystem will eclipse DeFi in all ecosystems in the cryptocurrency industry within 24 months to 36 months. And that’s just because of scale and liquidity.
As good as Ethereum can be, and Solana can be, and Cardano can be… let’s be intellectually honest about this, governments are talking about a strategic reserve of Bitcoin and Bitcoin alone. It’s their entry point.”
Bitcoin’s taproot upgrade, which was designed to enhance the crypto asset’s smart contract capabilities and efficiency, was activated in November of 2021.
Bitcoin is trading for $93,220 at time of writing.
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