Cardano founder Charles Hoskinson forecasts Bitcoin will lead the DeFi market within the next 2-3 years, citing its scale and liquidity.
Cardano founder Charles Hoskinson remains bullish over the emergence of a decentralized finance (DeFi) ecosystem on the Bitcoin network. He said that within two to three years, Bitcoin BTC $94 472 24h volatility: 1.8% Market cap: $1.88 T Vol. 24h: $32.09 B will dominate other DeFi players in the domain.
Hoskinson sees a huge potential in the Bitcoin DeFi market and highlighted a new model for bridging Bitcoin without the need for centralized exchanges (CEXs). In a YouTube video published on Wednesday, November 27, The Cardano founder said:
“I started in the Bitcoin space and I loved Bitcoin. Bitcoin has been a big part of my life and the only reason I’m here today is because Bitcoin exists.”
Hoskinson also expressed frustrations with Bitcoin’s early usability and innovation pace, describing its evolution as a missed opportunity for groundbreaking advancements. According to him, “Bitcoin went from a sleeping giant never to awaken in an innovation coma, to an awakened giant that is four times the size of Solana and Ethereum combined”. He added:
“DeFi in the Bitcoin ecosystem will eclipse DeFi in all ecosystems in the cryptocurrency industry within 24 months to 36 months, and that’s just because of scale and liquidity.”
Cardano Founder Charles Hoskinson Unveils DeFi Mode
The Cardano founder also shared a new model dubbed “DeFi mode” to bring decentralized finance capabilities to the Bitcoin blockchain using Cardano’s network.
Users can now “enable DeFi mode” by bridging their Bitcoin into a wrapped token on the Cardano blockchain. This integration allows Bitcoin holders to engage in decentralized finance ecosystems, trade on decentralized exchanges, access yield-generating instruments, and retain full custody of their private keys, explained Hoskinson.
Last month in October, a Cardano development team announced a Cardano-Bitcoin bridge built on the Grail protocol. As per the protocol’s specifications, the bridge could serve as a foundational step in enabling Bitcoin-secured DeFi applications.
Bitcoin Can Rally to $500,000 in Twelve Months
Charles Hoskinson also touched down on the discussions of governments willing to have a strategic Bitcoin reserve. The Cardano founder stressed the massive inflows coming into Bitcoin with the success of the spot Bitcoin ETFs. He gave a bold target for Bitcoin, expecting the BTC price to rally anywhere between $250,000 to $500,000, over the period of the next 12 to 24 months.
“Simply put, 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 said.
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