Bitcoin at $500K? Charles Hoskinson Highlights DeFi and Global Appeal

Bitcoin at $500K? Charles Hoskinson Emphasizes DeFi and Global Adoption

Bitcoin has regained momentum, trading above $95,000 after a 2.70% surge from the previous day's close. This recovery is a positive sign for holders and investors who have witnessed a two-day decline, with a dip to $90,000 on November 27th.

Bitcoin's price increase follows a significant court victory for Tornado Cash. A US Appeals Court overturned a 2022 decision, ruling that the Treasury Department had exceeded its authority in imposing sanctions on the crypto mixing platform. Coinbase welcomed this victory, as it was one of the crypto exchanges that supported Tornado Cash.

Amidst the recent Tornado Cash court ruling and favorable macroeconomic conditions, one analyst has offered a bold price prediction for Bitcoin. Cardano's Charles Hoskinson believes the world's leading digital asset could reach $250,000 to $500,000 within 12 to 24 months.

Tornado Cash Court Victory Boosts Bitcoin Price

According to Paul Grewal of Twitter/X, Tornado Cash's court victory was a "win for privacy." Grewal stated that the Treasury Department's sanctions on the platform were unlawful. He added that the ruling was a triumph for the crypto industry and those advocating for freedom.

This victory is part of a series of recent positive developments for the crypto sector, which have contributed to Bitcoin's price increase. The industry is also eagerly awaiting the actions of incoming US President Donald Trump, who is expected to adopt crypto-friendly policies.

Hoskinson Remains Bullish on BTC

Despite Bitcoin's recent losses, many analysts and observers view them as a temporary setback and maintain a bullish outlook. For Hoskinson, Bitcoin's bullish trend is still intact, and he predicts a rise to $250k and $500k within the next 12 to 24 months.

According to Hoskinson, several factors are contributing to Bitcoin's price stability. He notes the increasing interest in Bitcoin as an asset, exemplified by MicroStrategy's ongoing acquisition of the cryptocurrency. Michael Saylor's company now holds $32 billion in BTC, with a market capitalization exceeding $70 billion. Additionally, other countries, such as El Salvador, are embracing Bitcoin outside the US.

Continuous Inflow and Interest Fuel Bitcoin

Hoskinson emphasizes that the rising interest and inflows are driving Bitcoin's bullish sentiment. He sees Bitcoin as a dependable store of value, a role that will be solidified with the growing popularity of DeFi.

Recently, Cardano's Emurgo announced its collaboration with BTCOS to develop a bridge. Hoskinson explains that this new network will feature DeFi applications secured by Bitcoin. Developers will be able to create Hybrid Cardano and Bitcoin apps in Aiken and pay fees in BTC.