Charles Hoskinson, founder of Cardano, shared his predictions about Bitcoin's future in decentralized finance, stating it may soon outpace Ethereum and Solana in the DeFi market.
Bitcoin's Evolution in DeFi
Hoskinson highlighted how Bitcoin has transformed from a 'sleeping giant' into a powerful force in the crypto world. It's now four times larger than both Ethereum and Solana, thanks to growing liquidity and scale. This, he believes, gives Bitcoin a massive advantage in DeFi.
Bitcoin's Price Predictions
Hoskinson also shared a bold price prediction for Bitcoin, expecting it could reach between $250,000 and $500,000 in the next 12 to 24 months. He credits this rise to increased global interest and the potential for governments to adopt Bitcoin as a strategic reserve asset.
DeFi Opportunities for Bitcoin
To bring Bitcoin into the DeFi fold, Hoskinson introduced a unique solution: Bitcoin holders can 'enable DeFi mode' by bridging their Bitcoin to wrapped tokens on the Cardano blockchain. This allows them to participate in DeFi applications, earn yields, and trade on decentralized exchanges while maintaining full control of their private keys. This process is powered by the Grail protocol, unveiled in October.
Hoskinson's proposals may be the start of a larger movement to bring Bitcoin to DeFi, creating secure and scalable applications capitalizing on its significant influence in the crypto world.
