- Cardano founder Hoskinson emphasizes Bitcoin’s unparalleled status as a store of value in the digital age, adding that it will remain the dominant asset of the internet.
- Cardano has achieved a significant milestone by integrating Bitcoin directly onto its Layer-1 blockchain.
As Bitcoin gains greater prominence, with the BTC price rally to $100K recently, market analysts, including Charles Hoskinson, have turned ultra bullish on what is to come next. Hoskinson recently predicted that the Bitcoin price could rally all the way between $250,000 and $500,000 during an anticipated bull run in the next 12-24 months.
Charles Hoskinson on Bitcoin’s Growing Prominence
Bitcoin has been gaining massive traction among institutional players, and there is a staggering demand for investment products such as spot Bitcoin ETFs. As a result, Bitcoin’s prominence as a strategic reserve asset has been growing, with Brazil being the latest country to explore this possibility.
“Governments are talking about a strategic reserve of Bitcoin and Bitcoin alone,” Hoskinson stated. While cryptocurrencies like Ethereum, Solana, and Cardano provide significant utility and innovation, the founder believes Bitcoin remains unparalleled as a store of value in the digital age.
As good as Ethereum, Solana, and Cardano can be, let’s be intellectually honest about this. Bitcoin is the store of value for the internet and will remain in that role for the foreseeable future,
The Cardano founder believes that the growing inflow of institutional investments and the recognition of Bitcoin as “digital gold” will bring its value closer to the global gold market. Currently, Bitcoin’s market cap is under $2 trillion, while that of gold is more than $18 trillion.
Many are expecting the upcoming Donald Trump administration to declare Bitcoin a strategic reserve asset and accumulate 1 million BTC over the next five years. According to CNF, the Trump team is working to have a crypto czar position at the White House, with Cardano founder Charles Hoskinson eyeing an advisory role.
Cardano and Bitcoin Collaboration
A significant development in Cardano’s network is its ability to integrate Bitcoin directly onto Cardano’s L1 blockchain without any intermediaries. Cardano is the first blockchain to achieve L1 BTC integration, setting it apart in decentralized finance and reinforcing its commitment to enabling secure, intermediary-free transactions.
According to an article from Crypto News Flash, Charles Hoskinson has been highly bullish about the growth of the Cardano ecosystem. In a bold prediction, he also said that Cardano could outpace Bitcoin and Ethereum.
In another development, Cardano, a Layer-1 Proof-of-Stake blockchain, has successfully launched its first Zero-Knowledge (ZK) transaction on the mainnet, utilizing Halo2 technology. Core developer Sebastian Guillemot marked the milestone by sharing the transaction hash for verification.