Charles Hoskinson predicted that Bitcoin would reach $250,000 to $500,000 within the next 12 to 24 months.
Cardano founder Charles Hoskinson predicts that decentralized finance (DeFi) on the Bitcoin network will surpass all other cryptocurrency ecosystems within the next two to three years.
In a YouTube video posted on November 27, Hoskinson emphasized Bitcoin’s potential in DeFi while making an ambitious price prediction and outlining a new approach to bridging BTC without relying on centralized exchanges.
“I started in the Bitcoin space and I loved Bitcoin. Bitcoin has been a big part of my life, and the only reason I’m here today is because Bitcoin exists,” he said.
Reflecting on early challenges with Bitcoin, Hoskinson noted its transformation: “Bitcoin went from a sleeping giant never to awaken in an innovation coma, to an awakened giant that is four times the size of Solana and Ethereum combined,” he said. He predicted:
“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.”
Hoskinson also highlighted the growing interest from governments considering Bitcoin for strategic reserves, asserting that BTC is their primary gateway into the crypto space.
“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,” he said.
Calling Bitcoin the “store of value for the internet,” Hoskinson argued it will maintain that role, particularly with its new DeFi capabilities. He described a model for enabling DeFi on Bitcoin via Cardano’s network, calling it “DeFi mode.”
With this feature, users can bridge Bitcoin into a wrapped token on Cardano. This allows Bitcoin holders to engage in DeFi ecosystems, trade on decentralized exchanges, access yield-bearing instruments, and retain custody of their private keys.
In October, a development team supporting Cardano introduced the Grail protocol, which enables a Cardano-Bitcoin bridge.
The protocol’s specifications suggest that this bridge could serve as a foundation for DeFi applications secured by Bitcoin.
