The price of Bitcoin could reach $250,000-500,000 within 12-24 months due to an influx of investments and growing interest in the asset. This opinion was expressed by Cardano founder Charles Hoskinson.
"This will lead to an ecosystem whose value will begin to approach the capitalization of gold, an asset that people have used as a means of saving for over 5000 years. Bitcoin plays this role on the internet and will maintain it in the foreseeable future," said the entrepreneur.
According to him, the catalysts for demand for the first cryptocurrency will be DeFi and governments.
"No matter how good Ethereum, Solana, and Cardano are, let's be honest: authorities talk about strategic reserves exclusively in Bitcoin. This is their entry point," emphasized Hoskinson.
He reminded that the layer of decentralized finance for the blockchain of digital gold opened with the Taproot update. This allows the first cryptocurrency to turn into "an awakened giant that is four times larger than Solana and Ethereum combined"
"The reality is that when these gateways open, I think DeFi in the Bitcoin ecosystem will overshadow this segment in the entire rest of the industry within 24-36 months. And this is thanks to scale and liquidity," believes Hoskinson.