By Philip Maina
4 days agoSat Nov 30 2024 08:41:19
Reading Time: 2 minutes
- Cardano founder believes bitcoin DeFi will rule the DeFi space in three years
- Charles Hoskinson said that Bitcoin has liquidity and is now scalable
- He also noted that Bitcoin is gaining more popularity and value
Cardano blockchain founder Charles Hoskinson believes that Bitcoin DeFi is poised to take over the DeFi space within the next three years. Hoskinson said that the takeover will be fueled by Bitcoin’s growing popularity, liquidity, and scaling efforts through layer 2 s. He also predicted the price of BTC could reach $500,000 within the next two years, an observation that may be due to the current momentum.
Hoskinson Is “Here Today Because Bitcoin Exists”
In a video , Hoskinson said that he has been in the BTC space since the project’s early days and it has become part of his life adding that he is “here today […] because Bitcoin exists.” Although he admitted that Bitcoin experienced some usage issues in its early days, he said that it has improved to eclipse Ethereum and Solana.
According to the Cardano founder, this improvement puts it in a unique position to rule the DeFi space that’s currently dominated by Ethereum, Solana, and BNB Chain. Bitcoin’s success in the decentralized finance world will also be largely supported by scaling layers pushing to open the Bitcoin network to NFT s and web3 .
Hoskinson also revealed that he’s working on a way to link Bitcoin with the Cardano blockchain through a bridge to support the growth of Bitcoin DeFi. The bridge will allow BTC holders to transfer their coins to Cardano to engage in DeFi activities and trade on decentralized exchanges.
More Countries Are Considering Investing in Bitcoin
Hoskinson’s views come at a time when more countries and entities are considering investing in Bitcoin. Brazil, for example, is among the latest countries that are considering to put up a strategic BTC reserve . President-elect Donald Trump is also considering making the United States a BTC and crypto hub .
With Bitcoin scaling layers yet to gain mainstream adoption by developers and users, it may take longer before Bitcoin establishes itself as the DeFi king.
