Charles Hoskinson Predicts Bitcoin (BTC) Will Eclipse All Other Crypto DeFi in 2-3 Years

Cardano founder believes Bitcoin DeFi will outshine other crypto DeFi in 2–3 years

Cardano founder Charles Hoskinson is bullish on decentralized finance (DeFi) in the Bitcoin ecosystem, predicting that it will outshine all other crypto DeFi in the next two to three years.

In a recent YouTube video, Hoskinson highlighted the potential for Bitcoin DeFi, touting a bold price prediction and a new model for bridging BTC without using centralized exchanges.

“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,” he said.

Hoskinson expressed frustrations with using Bitcoin in the early days but stated that “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,” adding:

Hoskinson also pointed to the discussions that governments are now having around Bitcoin strategic reserves, stating that BTC alone is their entry point for digital assets.

“It is my belief that Bitcoin is going to go to $250,000 to $500,000 within the next 12 to 24 months because of the investment inflows and the great interest that has been achieved.”

“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 added before describing a new model for bringing DeFi capabilities to Bitcoin through Cardano’s network which he described as “DeFi mode.”

Users can “enable DeFi mode” by bridging their Bitcoin to a wrapped token on Cardano, he said. This allows Bitcoin holders to participate in DeFi ecosystems, trade on decentralized exchanges, use yield-bearing instruments and maintain custody of their private keys.

A Cardano-Bitcoin bridge based on the Grail protocol was announced by a development team backing Cardano in October.

The bridge may be a first step toward providing DeFi applications that are secured by Bitcoin, according to the underlying protocol’s specifications.