Cardano Founder Names Timeframe for Bitcoin to Reach $10 Trillion

According to Cardano founder Charles Hoskinson, Bitcoin's market capitalization could reach $10 trillion in the next five years, making it the world's second-most valuable asset after gold.

In a recent interview with David Lin, Hoskinson said his optimistic forecast could come true despite the volatility of the crypto market. The first cryptocurrency currently ranks seventh among assets by market capitalization – Bitcoin has a market capitalization of $2.24 trillion. When Bitcoin’s capitalization reaches $10 trillion, it will surpass the largest companies Amazon, Google, Microsoft, and NVIDIA, Hoskinson believes.

Having reached a market cap of $10 trillion, the Bitcoin price will grow to $500,000, provided that there are 20 million BTC in circulation. At the current market price of $112,910, this implies an increase of 342.8%.

Hoskinson believes that decentralized applications (DeFi) will be a powerful catalyst for Bitcoin to leap forward. The introduction of smart contracts into the Bitcoin network, which Hoskinson says Cardano developers are striving for, will help increase the usefulness of Bitcoin and its widespread adoption, the businessman is sure.

The Cardano founder said that a “tailwind” for Bitcoin was large companies issuing bonds to subsequently buy BTC for long-term storage. Sovereign funds are buying Bitcoin, even the US government has 212,000 Bitcoin, the entrepreneur marveled.

Hoskinson recently predicted the Bitcoin rate by the end of the year – in his opinion, by this time the first cryptocurrency will reach $250,000. This will be facilitated by the emergence of laws in the United States on the regulation of stablecoins and the easing of the policy of the Federal Reserve System of the United States (FRS), which will encourage investors to pay attention to high-risk assets.

Source: cryptonews.net