The founder of Cardano, Charles Hoskinson, has recently made a very bullish prediction for Bitcoin, stating that the asset may climb to between $250,000 and $500,000 within one or two years.
In a live stream recently, Hoskinson highlighted that Bitcoin is a “strategic reserve asset” much like gold. “Governments are talking about a strategic reserve of Bitcoin and Bitcoin alone,” he stated. However, he points out that other blockchains such as Ethereum, Solana, and Cardano have come up, but he still does not see any other digital currency that can match Bitcoin as a store of value.
BREAKING: #Cardano $ADA Founder Charles Hoskinson says "it is my belief that #Bitcoin will go to $250,000 to $500,000 within 12 to 24 months, because of inflows and interest. $BTC is the store of value for the Internet, and will remain in that role now that it has a DeFi layer." pic.twitter.com/1txPQV61Nl
— Angry Crypto Show (@angrycryptoshow) November 26, 2024
This has also been seen with institutional investors coming through to support Bitcoin as a financial instrument. Hoskinson explained that the concept of Bitcoin as “digital gold” is helping the currency spread around the world. He pointed to its capped supply and decentralized model and said that the role that gold has played over the past 5,000 years is similar to what Bitcoin has.
The current advancements like the Lightning Network have even taken the use of Bitcoin a notch higher by integrating decentralized finance into the Bitcoin system, thus making it more flexible. Bitcoin ETFs have also contributed a lot to this growth and have managed to amass more than $100 billion in assets within one year. They are now close to $120 billion held in Gold ETFs. Hoskinson believes that as more institutions get into Bitcoin the Market capitalization may get to rival that of gold.
Cardano’s ADA sees strong momentum
During the conversation, Hoskinson also discussed Cardano’s performance on the market while sharing the positive aspects of Bitcoin. The native token of the blockchain, ADA, has soared by 260% in the last three weeks. Despite currently being only 62% of its all-time high, the token’s rise indicates high market confidence.
Onchain data further shows that the whales have been buying more of Cardano in the recent price pullback. According to Santiment, a blockchain analytics platform, the whales with more than 100 million ADA purchased more than 130 million tokens.
Renowned cryptocurrency analyst Ali Martinez shared on X (formerly Twitter) that this accumulation signals institutional investors’ increasing trust in Cardano’s capability. The activity has provided a bullish force to the asset, as the increased demand has helped to push up the market.
Analysts believe that ADA’s upbeat trend can be associated with the rising usage of Cardano’s blockchain. This means that in the ongoing market cycle, there is a lot of room for the token to rise even higher.
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