Charles Hoskinson believes Bitcoin could rise to over $250,000 by the end of 2023 due to improved regulatory conditions, easing monetary policy, and stabilised global trade. He expects significant market interest to return by mid to late 2023, driven by leading tech firms and new legislation.
Charles Hoskinson, the founder of Cardano (ADA), expresses a bullish outlook on Bitcoin (BTC) in a recent CNBC interview. He believes Bitcoin is unlikely to experience another significant downturn, predicting a potential rise of approximately 196% in the forthcoming months. Hoskinson forecasts that Bitcoin could exceed $250,000 by the end of this year or in early next year.
The anticipated rally in Bitcoin is attributed to an improved regulatory framework, easing monetary policies, and a reduction in global trade tensions. Hoskinson indicates that ongoing tariff issues will ultimately be resolved as global negotiations progress, particularly between the US and China, leading to market stabilisation. This, coupled with expected Federal Reserve interest rate cuts, would facilitate a flow of capital into cryptocurrencies.
Moreover, Hoskinson notes that major companies—referred to as the ‘Magnificent 7’ (including Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, and Tesla)—are likely to invigorate the market sentiment alongside impending legislation such as the Digital Asset Market Structure and Investor Protection Act. He predicts a significant surge of speculative interest in cryptocurrencies around August or September, continuing over the following six to twelve months.
Despite the presence of tariffs, Hoskinson contends that there is potential for the Federal Reserve to relax monetary policy, citing an MIT report from the Trump administration that assessed the inflationary impact of tariffs. The findings suggested that the actual inflation resulting from tariffs was minimal, around 0.7%. As of the time of writing, Bitcoin is trading at $84,540.
