The Cardano founder, Charles Hoskinson, has projected a bullish new timeline for Bitcoin to reach a $10 trillion market cap.
Notably, he shared this update in a recent interview with popular pundit David Lin on Wednesday. The former Ethereum co-founder looked beyond the recent price volatility, predicting a bullish outlook for Bitcoin in the next half-decade.
Here’s Hoskinson’s Bitcoin Price Prediction
When host Lin asked about his Bitcoin price outlook, Hoskinson predicted that the premier crypto asset would reach a $10 trillion market cap in the next five years. Notably, the ambitious target will place BTC as the second most valuable asset globally, behind gold.
For perspective, it currently ranks 7th on the list with a valuation of approximately $2.24 trillion. If Bitcoin achieves this notable market cap milestone, it will surpass well-established assets like Amazon, Google, Microsoft, and NVIDIA, reclaiming its position as the second-largest asset after gold.
The $10 trillion valuation would translate into unprecedented price levels for Bitcoin. Assuming a circulating supply of 20 million BTC, this would yield a price of $500,000 per coin. Given that the current market price hovers around $112,910, this projection represents a staggering 342.8% increase.
Comparative Outlook from Industry Leaders
Interestingly, other notable industry leaders have also projected similar price targets for Bitcoin, albeit with varying timelines. For instance, Binance’s CZ believes Bitcoin can achieve this target as early as the current bull cycle. Meanwhile, analysts from Standard Chartered expect a surge in the next three years.
Catalyst for the $10T Bitcoin Prediction
During the interview, Hoskinson attributed Bitcoin’s potential price surge to the advent of Bitcoin DeFi. He predicted that integrating smart contract functionalities into the Bitcoin network, similar to what Cardano aims to achieve, would significantly enhance Bitcoin’s utility and adoption rates.
Historically, Bitcoin has lacked native decentralized finance features. Hoskinson emphasized that his team is actively working to provide Bitcoin users with opportunities to leverage their holdings for generating yields, thus expanding use cases.
Additionally, he mentioned that the growing trend of crypto asset accumulation in the United States, particularly among digital asset treasury firms, would act as further impetus for Bitcoin’s growth. “The DATs have brought retail; sovereign wealth funds are buying Bitcoin,” Hoskinson noted, emphasizing the scale of institutional interest.
Cardano Founder Insists on $250,000 in This Bull Market
In a more immediate forecast, Hoskinson asserted that Bitcoin will hit $250,000 by the end of the current bull cycle. This aligns with his earlier predictions, where he cited user growth and evolving stablecoin legislation as driving factors for this anticipated increase.
This target of $250,000 also resonates with views from other market analysts, like EliteOption Trader and Greg O’Gallagher, who foresees Bitcoin reaching this new high soon.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
