Cardano (CRYPTO: ADA) founder Charles Hoskinson, a co-founder of Ethereum (CRYPTO: ETH), predicted Bitcoin (CRYPTO: BTC) could surge to between $250,000 and $500,000 within the next 12 to 24 months, citing growing institutional investment and emerging decentralized finance opportunities.
What Happened: In a recent livestream from Colorado, Hoskinson emphasized Bitcoin's transformative potential, describing it as more than just a cryptocurrency but a strategic asset for governments and institutions worldwide.
Hoskinson has deep roots in the cryptocurrency ecosystem and highlighted Bitcoin's evolution from a "dormant project" to a potentially revolutionary financial technology.
The cryptocurrency veteran believes Bitcoin's ecosystem could experience unprecedented growth, particularly with the development of DeFi layers that could dramatically expand its utility.
He stated that "governments are considering Bitcoin as a strategic reserve asset," drawing a parallel to gold's historical role as a store of value. Hoskinson predicted that "Bitcoin-based DeFi will surpass all other ecosystems within 24 to 36 months."
In a keynote speech at a Bitcoin conference in Nashville, Tennessee, this past July, President-elect Donald Trump pledged to establish the United States as the "crypto capital of the planet" and indicated plans to create a Bitcoin strategic reserve utilizing the cryptocurrency held by the government.
Why It Matters: The prediction comes amid a volatile cryptocurrency landscape. Recent data shows Bitcoin experiencing significant price fluctuations, with long-term holders offloading 728,000 coins in the past 30 days—the largest sell-off since April.
Despite short-term volatility, market analysts remain cautiously optimistic. Haider Rafique, Global Chief Marketing Officer at OKX exchange, noted the significant profit potential for investors, with the average holding price around $30,000.
While 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 emphasized the importance of creating hybrid applications that integrate Bitcoin functionality, showcasing his continued innovation in the blockchain space.
Price Action: Bitcoin the leading cryptocurrency by market capitalization, is currently trading at $93,201.11. The price has risen by 1.74% over the past 24 hours and 0.63% over the last seven days, according to Benzinga Pro data.
- Dogecoin Gets Its First Exchange-Traded Product In Sweden
Image via Pexels
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
