Bitcoin is the world’s largest cryptocurrency when it comes to market capitalization. In just one month, it has risen by 33%. Now, it’s aiming for the next target price of $100,000. But the founder of Cardano has an even higher projection.
Charles Hoskinson, who founded Cardano, predicts that Bitcoin will reach a price target of $250,000 in just two years. He thinks this is the lowest target that can be achieved, and the highest could even be $500,000.
On November 27, Hoskinson posted a YouTube live video. In it, he pointed out several factors that will make the price of Bitcoin go up in the future. One is the large amount of money flowing into the crypto market. Another is that institutions have been showing interest in Bitcoin recently.
Hoskinson said, “I believe that Bitcoin will reach between a quarter and half a million dollars in the next 12 to 24 months because of the investment inflow and the great interest that has been shown.”
He also mentioned that Bitcoin, as a way to store value on the internet, will still be useful for decentralized finance (DeFi) in the future. The DeFi mode, or the new capabilities of DeFi, could let Bitcoin work through the Cardano network. Then Bitcoin holders can take part in the DeFi ecosystem.
Cardano is one of the biggest cryptocurrencies in terms of market capitalization. It has grown in the past month following Bitcoin’s rise. It increased by 190% and reached a price of $1 for the first time after dropping in 2022. In the past 24 hours, the token was traded for $1.5 billion and dropped by almost 40%.
The market is also looking at the possibility of a Cardano spot ETF. Several cryptocurrencies already have crypto product versions, like Bitcoin and Ethereum.
If the asset management pushes the ETF version to the Securities and Exchange Commission (SEC), ADA is projected to be bullish in the near future.
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