Cardano Creator Charles Hoskinson Predicts ‘Vastly Superior’ Versions of Bitcoin Will Burst Across Crypto Markets
Cardano (ADA) creator Charles Hoskinson unveils his views on Bitcoin’s (BTC) value proposition as it is increasingly used in decentralized finance (DeFi).
Hoskinson believes “wrapped” coins tied to the price of Bitcoin will spread like wildfire across a wide variety of smart contract-enabled blockchains.
Wrapped tokens have grown in popularity by essentially giving investors – in this case, Bitcoin holders – a way to trade and spend their BTC in decentralized applications.
“My prediction is that in five years the majority of Bitcoin will not be on the Bitcoin network, but actually packaged floating in other networks…
And that [wrapped] Bitcoin will be used in all types of DApps [decentralized applications] and smart contracts.
[It] potentially can even be used by nation states to create a medium of exchange in a unit of account to actually have a stable currency that they can use for day to day transactions in their ecosystem with a sound monetary policy.
It is important to understand that whether it is Bitcoin that lives on the Bitcoin network or Bitcoin that lives on another network, it is still Bitcoin.
Hoskinson says wrapped Bitcoin is “significantly superior” to regular Bitcoin as wrapping the flagship crypto-asset increases its utility value.
“In practice, the users of the system already set it [Bitcoin] into the old economic system. At least by wrapping them in cryptocurrencies, you have self-custodial and smart contract-based custody and all these other things.
It is far superior to the way it is used with the infrastructure there.”
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