Tuesday, 02 January 2024 12:17 GMT

Charles Hoskinson: Bitcoin Could Reach $250K By End Of The Year


(MENAFN- eTrendy Stock) Cardano (ADA) founder Charles Hoskinson says Bitcoin (BTC) might be on track for a valuation of over $250k. It might sound like a stretch considering BTC is currently trading around $82,900, down nearly 20% in the last 3 months, according to data from CoinGecko.

But in a podcast interview with CNBC this week, Hoskinson laid out a bullish case for BTC hitting $250,000 by the end of the year, and the catalyst is a potent mix of tech industry adoption, regulatory clarity, macroeconomic tailwinds, and what he describes as a geopolitical“paradigm shift.”

Hoskinson:“The Tariff Stuff Will be a Dud”

The crypto market has been on a wild ride lately.

President Trump's tariff blitz sent global equities into a tailspin earlier this week, dragging BTC below $75,000. But after the administration offered a 90-day window with reduced 10% tariffs for most nations, BTC bounced back, along with stocks.

But Hoskinson isn't too concerned about a prolonged trade war. In his view, the friction is mostly a“US versus China” theater, and global markets will eventually adjust.

Looking ahead, Hoskinson sees the U.S. economy pivoting into a more accommodative monetary environment. Once the dust settles, he expects the Federal Reserve to cut rates, creating cheap liquidity and bringing a fresh wave of capital into crypto.

He's also upbeat about the regulatory front, pointing to the long-anticipated stablecoin legislation and the Digital Asset Market Structure and Investor Protection Act. These laws, if passed, could finally provide the kind of legal clarity institutional investors have been waiting on.

The Geopolitical Order is Shifting

Zooming out, the Cardano founder says the geopolitical order is shifting. As the old rules-based system crumbles, he believes nations and investors alike will turn to crypto as a hedge against failing institutions and shaky treaties.

The roadmap? Sideways action now, then full send later this year. Whether or not BTC hits $250,000 is up for debate, but for Hoskinson, the setup is there.

Read more: Dogecoin Price Analysis: DOGE Fails to Capitalize on ETF Momentum

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