ETH Co-Founder Charles Hoskinson Predicts Bitcoin Could Hit $500,000 Within 2 Years

Bitcoin Charles Hoskinson ETH

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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November 28, 2024 12:57 EST

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Ethereum blockchain co-founder Charles Hoskinson has predicted that Bitcoin could soar as high as $500,000 within the next two years, according to a new video posted this week by the Cardano founder.

BTC On The Rise, Ethereum Blockchain & Cardano Founder Indicates

“It is my belief that Bitcoin is going to go to $250,000 to $500,000 within the next 12 to 24 months because of the investment inflows and the great interest that has been achieved,” Hoskinson said in a November 26 video.

“This will translate to an ecosystem whose value is starting to approach that of gold – an asset humans have used as a store of value for over 5,000 years,” Hoskinson said. “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.”

Hoskinson further noted that he believes the token will “eclipse” the DeFi and all ecosystems across the crypto sector within 36 months due to scale and liquidity.

“Governments are talking about a strategic reserve of Bitcoin and Bitcoin alone,” Hoskinson stated. “It is their entry point.”

Will Charles Hoskinson’s Prediction Come True?

Hoskinson’s commentary follows a recent surge of the Satoshi Nakamoto-created token in light of the election of now President-elect Donald Trump.

Trump, who most recently marked the 16th anniversary of the pseudonymous Bitcoin founder’s White Paper, has long vowed to enact a digital asset regulatory framework when he returns to the White House.

At the Bitcoin 2024 Conference in Nashville earlier this year, Trump remarked, “We will have regulations. But from now on, the rules will be written by the people who love your industry, not hate your industry.”

Just last week, the former reality television star selected Bitcoin-friendly hedge fund manager Scott Bessent as U.S. Treasury secretary.

Bessent has seemingly supported Trump’s calls for a national strategic Bitcoin reserve, telling Fox Business over the summer that “everything is on the table” when it comes to the cryptocurrency.

Despite nearly crossing the $100,000 milestone last week, the token’s post-Trump surge has since cooled.

As of Thursday afternoon, Bitcoin was hovering around $95,000, down a little more than 2.5 percent within the past five days.

However, should Hoskinson’s predictions come true, Bitcoin holders may have nothing to worry about amid its current dip.