During a recent interview with Kitco, Cardano founder Charles Hoskinson predicted that the price of Bitcoin could soar to $250,000 by the end of the current cycle.
"That's kind of the flag I've put in the ground for the ceiling of it," Hoskinson said.
Hoskinson has noted that sovereign wealth funds are currently buying Bitcoin, and the U.S. government currently holds roughly 212,000 coins. "It's pretty crazy when you think about it," Hoskinson said.
The Cardano founder believes that Bitcoin's market cap is going to surge to $10 trillion over the next 10 years.
Main bullish driver
Hoskinson is convinced that Bitcoin-based decentralized finance (DeFi) is going to be the main bullish driver for the leading cryptocurrency.
This somehow echoes a recent prediction made by venture capitalist Tim Draper, who believes that Bitcoin could be similar to tech giant Microsoft in the sense that it could consolidate various innovative use cases.
Hoskinson is convinced that Bitcoin will be treated like any other financial asset for purposes of investment and taxes as soon as there is more regulatory clarity in the US.
At that point, Hoskinson predicts, the leading cryptocurrency will be able to see a "massive" flow of money.
Lifting all boats
Hoskinson is convinced that Bitcoin surging to the $10 trillion mark will be the rising tide that will end up lifting all boats.
He has noted that there are plenty of cryptocurrency-focused use cases beyond finance.
"Like, how do I build a competitor to Facebook and have a decentralized social network? I want to do this in Bitcoin. It's an absurd thing," he said.
The Cardano founder has predicted that there will be an "internet of blockchains."
Dan Burgin
Vladislav Sopov
U.Today Editorial Team