Cardano Founder Says One Big Driver Could Propel Bitcoin To $250,000 This Bull Cycle ⋆ ZyCrypto

Industry veteran and Cardano creator Charles Hoskinson says that Bitcoin (BTC) could reach a quarter of a million per coin before this current cycle ends.

“That’s kind of the flag I’ve put in the ground for the ceiling of it,” Hoskinson,  who is also the co-founder of Input Output HK, said. 

The Case For $250,000 Bitcoin

Bitcoin may have sagged below $110,000 to seal an 11.5% drawdown against its latest record high, but not everyone is worried about the near future.

Charles Hoskinson, well known on social media for his bullish take on Bitcoin, said that the benchmark cryptocurrency will reach $250,000 during the current bull cycle.

During a recent podcast interview with Kitco, Hoskinson noted that sovereign wealth funds are purchasing Bitcoin, and the U.S. government currently holds approximately 212,000 BTC. “It’s pretty crazy when you think about it,” Hoskinson posited.

The ADA creator believes Bitcoin’s market capitalization is headed to $10 trillion in the next 10 years. He sees BTC-based decentralized finance (DeFi) as the “big driver” for the asset’s parabolic growth.

Hoskinson, who has been in the crypto industry for over a decade and helped co-found the Ethereum blockchain, expects Bitcoin to be treated like any other financial asset for the purpose of investment and taxes as soon as there is more regulatory clarity in the United States. When this happens, Hoskinson forecasts that a massive flood of money will flow to Bitcoin.

At press time Friday, Bitcoin was changing hands at around $110,000, according to CoinGecko data, marking a steep drop from the cryptocurrency’s all-time high of $124,128 set on August 14.

In Hoskinson’s belief, Bitcoin rocketing to the $10 trillion threshold will be the rising tide that lifts all boats. In other words, other cryptocurrencies are also expected to rise, as he believes there are numerous crypto-focused non-financial use cases.

“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. So you are going to have other standards. And you are going to have the internet of blockchains,” Hoskinson opined.