Charles Hoskinson Predicts Bitcoin (BTC) Will Rally to $250K-$500K Within 12 to 24 Months

The founder of Cardano, Charles Hoskinson, has recently made a very bullish prediction for Bitcoin, stating that the asset may climb to between $250,000 and $500,000 within one or two years.

Cardano founder Charles Hoskinson has made a bullish prediction for Bitcoin, suggesting that the cryptocurrency could reach $250,000 to $500,000 within the next one to two years.

In a recent live stream, Hoskinson highlighted Bitcoin's role as a "strategic reserve asset," similar to gold. He noted that governments are discussing a strategic reserve of Bitcoin and that while other blockchains like Ethereum, Solana, and Cardano have emerged, he still doesn't see any other digital currency that can match Bitcoin in terms of its function as a store of value.

This observation aligns with institutional investors entering the scene to support Bitcoin as a financial instrument. Hoskinson attributed the concept of Bitcoin as "digital gold" to its widespread adoption globally. He pointed to its capped supply and decentralized model, comparing its role to that of gold over the past 5,000 years.

Recent advancements, such as the integration of decentralized finance (DeFi) into the Bitcoin system through the Lightning Network, have expanded the cryptocurrency's use cases. Additionally, Bitcoin ETFs have played a significant role in this growth, amassing over $100 billion in assets within a year. This brings Bitcoin ETFs to the cusp of rivaling the $120 billion held in Gold ETFs. According to Hoskinson, further institutional entry into Bitcoin could see its market capitalization rival that of gold.

Cardano's ADA experiences strong momentum

During the conversation, Hoskinson also touched upon Cardano's performance in the market while discussing the positive aspects of Bitcoin. The native token of the blockchain, ADA, has soared by 260% in the last three weeks. Despite currently being only 62% of its all-time high, the token's strong rise indicates high market confidence.

Onchain data also reveals that whales have been accumulating more Cardano in the recent price pullback. According to Santiment, a blockchain analytics platform, whales with more than 100 million ADA purchased over 130 million tokens.

Renowned cryptocurrency analyst Ali Martinez shared on X (formerly Twitter) that this accumulation signals institutional investors' increasing trust in Cardano's capabilities. The activity has provided a bullish force to the asset, as the increased demand has helped to push up the market.

Analysts attribute ADA's upbeat trend to the rising usage of Cardano's blockchain. This suggests that there is still ample room for the token to rise even higher in the ongoing market cycle.