Cardano founder predicts Bitcoin DeFi rise and $500K BTC price

Charles Hoskinson, founder of Cardano (CRYPTO:ADA), predicts that decentralised finance (DeFi) on the Bitcoin (CRYPTO:BTC) network will surpass all other blockchain ecosystems within the next two to three years.

In a YouTube video posted on November 27, Hoskinson emphasised Bitcoin’s potential to dominate the DeFi sector due to its scale and liquidity, while also forecasting a bold price range for Bitcoin.

“DeFi in the Bitcoin ecosystem will eclipse DeFi in all ecosystems in the cryptocurrency industry within 24 to 36 months,” he stated, citing Bitcoin’s growing innovation and liquidity as driving factors.

He added that Bitcoin’s adoption as a strategic reserve by governments is further evidence of its expanding role in global finance.

Hoskinson predicted Bitcoin’s price could soar to between $250,000 and $500,000 within the next 12 to 24 months, attributing this to increasing investment inflows and heightened interest in Bitcoin’s role as a store of value.

“Bitcoin is the store of value for the internet, and it will remain in that role for the foreseeable future now that it has a DeFi layer,” he remarked.

Highlighting innovation, Hoskinson introduced a new model enabling Bitcoin holders to access DeFi via Cardano’s network.

Users can bridge their Bitcoin into wrapped tokens on Cardano, activating a “DeFi mode” that allows them to trade on decentralised exchanges, use yield-bearing instruments, and maintain private key custody.

This model builds on the Grail protocol-based Cardano-Bitcoin bridge announced in October, which aims to facilitate secure DeFi applications using Bitcoin.

At the time of reporting, the Cardano price was $1.04, and the Bitcoin price was $96,291.14.