Following the US elections, the leading cryptocurrency Bitcoin managed to reach the $100,000 mark in a short time. While it has been fluctuating between $93,000 and $97,000 for a while, analysts state that Bitcoin is just at the beginning of the road and has great potential. Some of the leading names in the crypto world have made very high price predictions for Bitcoin. One of them is Charles Hoskinson, the creator of Cardano. Hoskinson announced that Bitcoin is on an upward trend and that he expects the price to increase fivefold. So, when?
Charles Hoskinson's 5X Bitcoin Prediction!
According to the information we follow as Kriptokoin.com, excitement has increased in the market as Bitcoin moves towards $100,000. While interest in altcoins is also increasing, expectations for Bitcoin are also quite high. Cardano founder Charles Hoskinson predicts that Bitcoin will gain 436% from its current level in two years and reach $250,000 to $500,000. Hoskinson states that Bitcoin's rise will be fueled by increasing demand. Hoskinson made the following statement on the subject:
“With investment inflows and increasing interest, I believe Bitcoin will rise to $250,000 to $500,000 in the next 12 to 24 months. This will create an ecosystem similar to gold, an asset that has been used by people as a store of value for over 5,000 years. In short, Bitcoin will continue its role as the store of value of the internet.”
The Role of DeFi for Bitcoin
Hoskinson says that Bitcoin’s growing demand could be further accelerated by the influence of governments and the decentralized finance (DeFi) ecosystem. According to Hoskinson, a DeFi layer could be created for Bitcoin, and transaction fees could be paid in Bitcoin. Bitcoin, which was a “sleeping giant in an innovation coma” before the Taproot update, has now become a force four times the size of Solana and Ethereum combined. Hoskinson made the following statements on this subject:
“The reality is, if this potential is realized, DeFi in the Bitcoin ecosystem could overtake the entire crypto ecosystem in 24 to 36 months. I think about it in terms of scale and liquidity. No matter how advanced Ethereum, Solana or Cardano are, governments are talking about strategic Bitcoin reserves and only Bitcoin. That’s their entry point.”
Bitcoin’s Taproot Update
The Taproot update, which increased Bitcoin’s smart contract capabilities and efficiency, was activated in November 2021. Hoskinson believes that this update will make a significant contribution to Bitcoin’s growth.
