Author: Martin Young, CoinTelegraph; Compiler: Tao Zhu, Golden Finance
Cardano founder Charles Hoskinson believes that decentralized finance in the Bitcoin ecosystem will surpass all other crypto DeFi in two to three years.
He touted the potential of Bitcoin DeFi while making bold price predictions and highlighting a new model for bridging BTC without using centralized exchanges.
"I started getting involved in the Bitcoin space, and I love Bitcoin. Bitcoin has been a big part of my life, and the only reason I'm here today is because of Bitcoin," he said in a YouTube video released on November 27.
He expressed disapproval for early use of Bitcoin, but said “Bitcoin went from a sleeping giant that was in an innovation coma that would never wake up to an awakening giant that is four times the size of Solana and Ethereum combined,” adding:
“DeFi in the Bitcoin ecosystem will surpass DeFi in all ecosystems in the crypto industry in 24 to 36 months, and that’s just because of scale and liquidity.”
Hoskinson also pointed to the current discussions among governments around strategic reserves of Bitcoin, and said Bitcoin itself is their entry point:
“I believe that Bitcoin will rise to $250,000 to $500,000 in the next 12 to 24 months due to investment inflows and the huge interest that has already been generated.”
“Simply put, Bitcoin is the store of value for the internet, and because it has a DeFi layer, it will continue to play that role for the foreseeable future,” he added before describing a new model for bringing DeFi functionality to Bitcoin through the Cardano network. He described it as the “DeFi model.”
Charles Hoskinson talks about Bitcoin DeFi. Source: YouTube
He said users can “enable DeFi mode” by bridging Bitcoin to wrapped tokens on Cardano. This allows Bitcoin holders to participate in the DeFi ecosystem, trade on decentralized exchanges, use yield-generating tools and keep custody of their private keys.
The development team behind Cardano announced the Cardano-Bitcoin bridge based on the Grail protocol in October.
Depending on the specifications of the underlying protocol, the bridge could be the first step in providing DeFi applications secured by Bitcoin.
Explore how Chainlink's CCIP and Circle's CCTP integration is revolutionizing cross-chain transfers, allowing seamless USDC transactions across multiple blockchains. Discover the benefits for developers and users, and delve into the secure, decentralized infrastructure supporting this groundbreaking advancement in blockchain interoperability.
BrianExplore JPMorgan's insightful analysis on the introduction of spot bitcoin ETFs and their impact on the cryptocurrency investment landscape. Delve into the nuances of capital inflow, market skepticism, and strategic fund rotations influencing the future of crypto investments.
WeiliangExplore Magic Leap's groundbreaking vision for the metaverse, where digital experiences seamlessly integrate with the physical world, enhancing reality rather than replacing it. Discover how this mixed reality pioneer is navigating the hype to shape a metaverse grounded in practicality and immersive augmentation.
MiyukiThe specific allotment will be determined by the DAO through snapshot voting, subject to approval by counting votes. The proposed plan aims to distribute ARB to protocols within a 12-week timeframe, with any remaining funds slated to be returned to the DAO.
AlexThe company revealed that shareholders have until January 30 to sell their shares in the VanEck Bitcoin Strategy ETF (XBTF).
AlexThe hackathon comprises six tracks for participants to explore, covering AI, Infrastructure, Gaming, DePIN, DeSoc, and DeSci challenges.
AlexJoin the pivotal moment in blockchain innovation with L1 Blockchain Nibiru’s community sale of NIBI tokens on CoinList. Discover the details of the sale, including token supply, pricing, and unlocking schedule. Don't miss out on your chance to be part of Nibiru's journey towards redefining the crypto space.
BrianDive into the unveiling of Solana Labs' Saga "Chapter 2" smartphone. Explore its integration of crypto wallet, bespoke Android software, and the revolutionary dApp store, as it navigates the intricate nexus of mobile technology and the cryptocurrency market.
WeiliangExplore the critical differences between Centralized and Decentralized Exchanges (CEX vs DEX) and understand which crypto trading platform suits your needs in our comprehensive guide.
MiyukiAccording to Singapore's regulator, the Monetary Authority of Singapore (MAS), cryptocurrencies like Bitcoin are not classified as eligible assets for ETFs.
Alex