Bitcoin, the largest cryptocurrency by market cap, is on its way to a target price of $100,000 after experiencing a 33% increase in just one month; however, the founder of Cardano sees an even greater future.
Charles Hoskinson, the founder of Cardano, predicts that Bitcoin will hit the price target of $250,000 within the next two years. He considers this target to be the minimum achievable, while the maximum could reach $500,000.
In a YouTube live stream on Nov. 27, Hoskinson highlighted several factors that could drive Bitcoin’s price up in the future, such as significant inflows into the crypto market and growing institutional interest in Bitcoin recently.
“I believe that Bitcoin will reach a quarter million and half a million dollars in the next 12 to 24 months due to the influx of investments and the considerable interest that has been generated,” Hoskinson stated.
He also pointed out that Bitcoin remains a valuable asset for the internet and will continue to be relevant for decentralized finance (DeFi) in the future. The new features of DeFi could allow Bitcoin to interact with the Cardano network, enabling holders to engage in the DeFi ecosystem.
Cardano’s outlook following Bitcoin’s rise
Cardano, one of the top cryptocurrencies by market capitalization, has seen significant growth over the past month, surging 190% and reaching a price of $1 for the first time since its decline in 2022. In the last 24 hours, the token traded for $1.5 billion, although it dropped by nearly 40%.
The market is also considering the potential for a Cardano spot ETF, following the introduction of similar products for other cryptocurrencies, including Bitcoin and Ethereum. ADA is expected to perform well in the near future if asset management firms advance the ETF proposal to the Securities and Exchange Commission (SEC).
