Cardano Founder Predicts Bitcoin at $250,000 Amid U.S. Crypto Legislation

Charles Hoskinson, the founder of Cardano, has reiterated his prediction that the price of Bitcoin could reach $250,000. This forecast comes as the U.S. is set to experience a pivotal week of crypto-related legislative developments, known as "Crypto Week," beginning July 14. Hoskinson's optimism is bolstered by the anticipated passage of two critical bills: the GENIUS Stablecoin Act and the Digital Asset Market Structure and Clarity Act, also referred to as the CLARITY Act.

Hoskinson believes that these regulatory milestones will unlock substantial institutional capital, setting the stage for the next major phase in crypto adoption. He has previously highlighted factors such as rising institutional stablecoin adoption, growing demand for Bitcoin Treasury, and expectations of Fed rate cuts as potential drivers for Bitcoin's price to reach $250,000. According to Hoskinson, once the Federal Reserve lowers interest rates, there will be a surge of fast, cheap money flowing into the crypto market.

The GENIUS Stablecoin Act aims to establish a clear regulatory framework for stablecoins, while the CLARITY Act seeks to define the regulatory responsibilities of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These bills are expected to reduce legal uncertainties and foster a more secure environment for digital asset businesses and investors.

Hoskinson's prediction is not new; he has consistently maintained that Bitcoin could reach $250,000 within 12 to 24 months. He has also stated that with another 100% rally, Bitcoin could reach close to a $5 trillion market cap, potentially challenging giants like Nvidia and becoming the second-largest global asset after gold.

The broader crypto market has shown optimism around the passing of these acts, with industry veterans pushing for greater regulatory clarity. This could lead to stronger institutional adoption of crypto in the coming months. Hoskinson's prediction is grounded in the long-term potential of Bitcoin as a store of value and its increasing institutional adoption. He believes that the upcoming U.S. crypto legislation will provide the necessary regulatory clarity to drive Bitcoin's price to new heights. With the market cap hitting $3.65 trillion and bullish momentum fueled by key crypto bills, the stage is set for a potential "gigachad bull run" in the crypto market.