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 ranks 7th on the list with its current valuation of $2.24 trillion. If it attains this notable market cap milestone, it will surpass assets like Amazon, Google, Microsoft, and NVIDIA to become the second-largest asset, second only to gold.
Meanwhile, the $10 trillion valuation would take Bitcoin’s price to unprecedented levels. Assuming a circulating supply of 20 million BTC, this would culminate in a price of $500,000 per coin. From the current market price of $112,910, this represents a 342.8% growth.
Interestingly, other notable industry leaders have a similar price outlook for Bitcoin but with different timeframes. For context, Binance’s CZ predicted that BTC would reach the target as early as this bull cycle. Meanwhile, Standard Chartered expects the price in the next three years.
Catalyst for the $10T Bitcoin Prediction
Hoskinson claimed that Bitcoin DeFi would drive this surge in valuation. He predicted that bridging smart contract functionalities to the Bitcoin network, as Cardano seeks to do, will foster utility and adoption.
Notably, Bitcoin does not have native decentralized finance functions, and Hoskinson has committed to giving users a taste of this. He had disclosed several times that the Cardano ecosystem team is working tirelessly to enable Bitcoin users to put their holdings to work, generating yields for them.
Furthermore, the Cardano founder shared that the crypto adoption tailwind in the United States, alongside massive accumulation from digital asset treasury firms, would also catalyze Bitcoin growth.
“The DATs have brought retail; sovereign wealth funds are buying Bitcoin,” Hoskinson highlighted. “The US government holds 212,000 Bitcoin; it’s pretty crazy when you see it,” he added.
Cardano Founder Insists on $250,000 in This Bull Market
Meanwhile, Hoskinson insisted that Bitcoin will reach $250,000 by the end of this bull cycle. This builds on his earlier predictions, where he tapped user growth and stablecoin legislation to drive this uptick.
Notably, the price target also aligns with those of other crypto analysts, such as EliteOption Trader and Greg O’Gallagher, who predicted that Bitcoin would reach the new price milestone this year.
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