Cardano founder Charles Hoskinson predicted that bitcoin's price could reach $250,000 possibly by the end of this year or next, during a podcast interview with CNBC.
Hoskinson, who is also the co-founder of Input Output HK, said the upcoming U.S. crypto legislation could attract mega-companies to the crypto asset space, while market stability could return once the "tariff stuff" proves insignificant, setting the stage for another bull run.
"[The crypto market] will stall for probably the next three to five months, and then you'll have a huge wave of speculative interest come, probably [in] August or September, into the markets, and that'll carry through probably another six to 12 months," Hoskinson told CNBC.
U.S. legislators, with a strong push from President Donald Trump, have been working to advance bills to set clear regulations around stablecoins. The country currently has two prominent stablecoin bills — the GENIUS Act from the Senate and the STABLE Act from the House — both of which have passed their respective committees.
Hoskinson said that clearer stablecoin rules may lead the "Magnificent 7" companies to adopt the dollar-pegged tokens. This refers to seven highly influential tech firms in the U.S. market including Apple, Microsoft and Amazon.
Bolstering his $250,000 price target, the Cardano founder highlighted a significant 13% year-over-year surge in global crypto adoption in 2024, with the user base reaching 659 million as reported by Crypto.com.
Hoskinson also projected that crypto would emerge as the "only option" for business globalization as the geopolitical environment becomes more detached from a "rules-based order," as seen in Russia's invasion of Ukraine.
In recent weeks, Trump's ceaseless tariff announcements left investors apprehensive, dealing serious blows to global markets, crypto and equities alike.
"What will happen is that the tariff stuff will be a dud, and that people will realize that the world is willing to negotiate, and it's really just U.S. versus China," Hoskinson told CNBC, prior to Trump's temporary halt on reciprocal tariffs.
Hoskinson’s forecast suggests that markets would stabilize, prompting the Federal Reserve to lower interest rates and ultimately inject liquidity into the crypto market.
While bitcoin has shown some recovery after Trump's tariff pause yesterday, the world's largest cryptocurrency is still down around 24% from its January all-time high of $108,786, currently trading at $81,703.
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