Charles Hoskinson Predicts Bitcoin DeFi Will Surpass Other Platforms in Three Years
Cardano founder Charles Hoskinson expresses optimism about a decentralized finance (DeFi) ecosystem emerging on the Bitcoin network. He predicts that within two to three years, Bitcoin #BTC will surpass other DeFi platforms.
Hoskinson identifies significant potential in the Bitcoin DeFi market and introduces a new model for bridging Bitcoin without relying on centralized exchanges (CEXs). In a YouTube video, he stated:
“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 also conveyed frustration over Bitcoin's initial usability and innovation pace, describing its evolution as a missed opportunity. He remarked, “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.” He added:
“DeFi in the Bitcoin ecosystem will eclipse DeFi in all ecosystems in the cryptocurrency industry within 24 months to 36 months, and that’s just because of scale and liquidity.”
Cardano Founder Charles Hoskinson Unveils DeFi Mode
Hoskinson introduced a new model called “DeFi mode” designed to integrate decentralized finance capabilities into the Bitcoin blockchain using Cardano’s network. Users can activate “DeFi mode” by converting their Bitcoin into a wrapped token on the Cardano blockchain, enabling participation in decentralized finance ecosystems, trading on decentralized exchanges, accessing yield-generating instruments, and retaining full custody of their private keys.
In October, a Cardano development team announced the creation of a Cardano-Bitcoin bridge utilizing the Grail protocol, which could facilitate Bitcoin-secured DeFi applications.
Bitcoin Price Predictions
Hoskinson also discussed government interest in establishing strategic Bitcoin reserves and highlighted substantial inflows into Bitcoin due to the success of spot Bitcoin ETFs. He projected that Bitcoin's price could increase between $250,000 and $500,000 within the next 12 to 24 months.
“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 stated.