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Bitcoin will reach seven figures, says Charles Hoskinson
After gold fan Peter Schiff criticized Bitcoin for not mirroring the price performance of precious metals and tech stocks, Charles Hoskinson is pitching his tent with the leading cryptocurrency.
The founder of Cardano noted in a x publication that the price of Bitcoin will reach $1 million in response to Schiff’s criticism. Schiff issued a gloomy prediction for Bitcoin, describing it as an asset in a late-stage bubble awaiting an imminent correction.
“Bitcoin’s failure to hit new highs with gold or tech stocks indicates the bubble is about to burst.” saying Schiff.
The Bitcoin critic based his argument on the asset’s latest decline to trade 10% below its all-time high. Meanwhile, Schiff highlighted Strategy’s MSTR down 48% from its 2024 all-time high as evidence of a frothy market for Bitcoin.
In a quick rebuttal, Hoskinson called Schiff’s prediction “wrong and absolutely irrelevant,” citing his streak of inaccurate forecasts. He revealed that Schiff has made similar calls about Bitcoin being a bubble since the asset traded from $100 to $100,000.
“You were wrong about the $1,000 bitcoin. You were wrong about the $10,000 bitcoin. You were wrong about the $100,000 bitcoin,” Hoskinson wrote. “You’ll be wrong about the million-dollar bitcoin.”
However, the outspoken Cardano founder did not reveal a timeline for Bitcoin to reach the $1 million price. Aware of Bitcoin’s superiority, Hoskinson has taken steps to introduce Bitcoin DeFi on Cardano, aiming to combine its security, liquidity, and Cardano’s innovation into a unified decentralized ecosystem.
$1 Million Bitcoin Price Has Gained Significant Strength
Rumors of a $1 million valuation for Bitcoin have grown louder and have doubled since BTC crossed the $100,000 mark. Bernstein analysts predict that the price of Bitcoin will reach $1 million in 2029, fueled by a meteoric rally fueled by mass institutional adoption by treasury companies.
Arthur Hayes, Jack Dorsey and Samson Mow have issued similar forecasts for Bitcoin in recent months, predicting seven figures for the largest cryptocurrency by the end of the decade. Bitcoin is currently trading at $110,000, but bulls are optimistic that the asset will close the year above $140,000. brand.
