Charles Hoskinson, the founder of Cardano and IOHK, has made a bold prediction for Bitcoin’s future, suggesting that the cryptocurrency could hit $250,000 by the end of this year or early next year. In an interview on CNBC’s Beyond The Valley podcast, Hoskinson attributed this expected rise to several factors, including increasing cryptocurrency adoption, favorable legislation, and the growing involvement of major tech companies in the space.
Hoskinson noted that Bitcoin’s current volatility, including a recent dip below $77,000, would be short-lived. He believes that the stabilization of global markets, potential interest rate cuts by the U.S. Federal Reserve, and a shift in geopolitical dynamics would set the stage for Bitcoin’s rally. As Hoskinson explained,
“The markets will stabilize a little bit, and they’ll get used to the new normal, and then the Federal Reserve will lower interest rates, and then you’ll have a lot of fast, cheap money, and then it’ll pour into crypto”
Additionally, Hoskinson highlighted that the cryptocurrency market would benefit from the passing of key stablecoin legislation and the Digital Asset Market Structure and Investor Protection Act, which are currently making their way through U.S. legislation. These regulatory developments are expected to provide a clear framework for the industry, further boosting investor confidence.
A key factor in this forecast is the potential adoption of stablecoins by the “Magnificent 7” tech giants, including Apple, Microsoft, and Amazon, once the regulatory framework is in place. Stablecoins, which are cryptocurrencies pegged to a fiat currency, offer faster and cheaper cross-border transactions and could be used by these corporations for international payments and other financial services. Hoskinson sees this as a major catalyst, stating,
“If Russia wants to invade Ukraine, it invades Ukraine. If China wants to invade Taiwan, it’s going to do that. So treaties don’t really work so well, and global business doesn’t really work so well there. So your only option for globalization is crypto”
Hoskinson’s prediction comes amidst growing confidence in Bitcoin and other digital assets, with more users adopting cryptocurrencies each year. According to Crypto.com, the number of cryptocurrency owners grew by 13% year-on-year in 2024, reaching 659 million people.
The combination of increasing user adoption, favorable regulations, and the involvement of major tech companies in the crypto market is expected to reignite the sector, Hoskinson said. He also pointed out that while the market might experience a lull for a few months, significant speculative interest could return by late summer or early fall, driving further growth into 2025.
With Hoskinson’s experience and insight into the crypto space, many are watching closely to see if his predictions come true and if Bitcoin can indeed reach new heights in the coming months.
