Hoskinson recently introduced a Cardano-Bitcoin bridge using the Grail protocol that could facilitate decentralized finance for Bitcoin without centralized exchanges. Meanwhile, Pantera Capital's Dan Morehead predicts Bitcoin's value could reach $740K by 2028, driven by regulatory clarity and institutional adoption like spot Bitcoin ETFs. Hoskinson also believes that Bitcoin’s price could surge to between $250,000 and $500,000 in the next 12 to 24 months. In Switzerland, Bern’s parliament approved a study on Bitcoin mining to explore its potential for energy utilization, job creation, and infrastructure development. The people leading the study believe this is a clear sign that attitudes towards Bitcoin and Bitcoin mining are finally shifting. Bitcoin DeFi Could Dominate Crypto Industry Charles Hoskinson, the founder of Cardano, is very confident in the future of decentralized finance (DeFi) in the Bitcoin (BTC) ecosystem, and predicted it will surpass all other blockchain-based DeFi systems in the next two to three years. In a YouTube video that was shared on Nov. 27, Hoskinson discussed the transformative potential of Bitcoin DeFi while making a bold price prediction and introducing a new approach for bridging Bitcoin without relying on centralized exchanges. Hoskinson shared his admiration for Bitcoin, and acknowledged its foundational role in shaping his career. Despite frustrations with Bitcoin’s limitations in its early days, he admires its growth, and described it as an “awakened giant” that is now “four times the size of Solana and Ethereum combined.” He also confidently stated that Bitcoin’s sheer scale and liquidity will enable its DeFi ecosystem to eclipse others in the crypto industry. Charles Hoskinson’s YouTune video Hoskinson also touched on Bitcoin's rising prominence in governments and the fact that they are now contemplating Bitcoin as a strategic reserve asset. This increasing interest, coupled with investment inflows, led him to predict that Bitcoin’s price could surge to between $250,000 and $500,000 in the next 12 to 24 months. According to him, Bitcoin’s role as a store of value is now complemented by the addition of a DeFi layer, which is a major evolution for the crypto. BTC’s price action over the past year (Source: CoinMarketCap ) To bring DeFi capabilities to Bitcoin, Hoskinson introduced a new model that is enabled through Cardano’s network. Users can activate what he termed “DeFi mode” by bridging their Bitcoin to a wrapped token on Cardano. This method allows Bitcoin holders to engage in various DeFi activities, including trading on decentralized exchanges, using yield-generating instruments, and retaining control of their private keys. He firmly believes that this innovation could redefine how Bitcoin interacts with DeFi ecosystems. A pivotal development in this model is the Cardano-Bitcoin bridge based on the Grail protocol, which was announced in October. The bridge is designed to facilitate secure DeFi applications backed by Bitcoin, according to the protocol’s specifications. Hoskinson believes this is a big step toward integrating Bitcoin into the broader DeFi landscape. Pantera Founder Predicts $740K Bitcoin by 2028 Dan Morehead, founder and managing partner of Pantera Capital, compared investing in Bitcoin to buying gold during the Iron Age. He shared his thoughts in a recent blog post on Nov. 26, and shared some details about how Pantera’s initial investment has grown by more than 130,000%. Quoting an investment memo from 2013, Morehead stated that Bitcoin wasn’t merely similar to buying gold; it was akin to buying gold in 1000 B.C. Pantera Bitcoin fund (Source: Pantera ) Pantera Bitcoin Fund was launched in July of 2013, and achieved over 1,000 times its initial return on Bitcoin purchased at $74. At that time, less than 1% of financial wealth was exposed to Bitcoin. Morehead predicted that as this exposure increased, Bitcoin would either plummet to zero or rise exponentially. Today, he no longer believes Bitcoin can fail due to its ”escape velocity” with 300 million global holders. On CNBC’s Squawk Box on Nov. 27, Morehead pointed out that approximately 5% of global financial wealth is now linked to Bitcoin. He also mentioned the importance of regulatory clarity in the U.S. and institutional initiatives like BlackRock and Fidelity’s spot Bitcoin ETFs in driving adoption. Morehead believes Bitcoin can evolve into a $15 trillion asset that could potentially push its price to $740,000 by April of 2028. Despite Bitcoin’s historic volatility, including an 87% crash six months after Pantera’s first purchase, Morehead is still very optimistic about its long-term returns. He also shared personal anecdotes about the firm’s early Bitcoin transactions, like using 88 Bitcoin to pay for hotel stays through Expedia. This amount of BTC is now valued at more than $8.6 million. He joked about the missed opportunity to buy two hotels with the same amount of Bitcoin. At press time, BTC was trading hands at $96,521.51 after its price managed to climb by 1.4% over the past 24 hours of trading. According to CoinMarketCap , BTC was in the green by over 33% on its monthly time frame. Bitcoin Mining Gains Traction in Switzerland’s Bern The parliament of the Swiss canton of Bern approved a motion to commission a report on Bitcoin mining, despite opposition from the canton’s Government Council. The report was proposed by the multiparty Bitcoin Parliamentary Group, and passed with a vote of 85 to 46. This was a big victory in the ongoing debate over Bitcoin mining’s role in Switzerland. The report will examine the potential for Bitcoin mining in the region, and will focus on identifying sources of excess energy, exploring partnerships with Bitcoin miners, and assessing how mining could contribute to grid stability. It drew its inspiration from Texas, and the proposal also pointed out many of the potential benefits of Bitcoin mining, including attracting businesses, creating jobs, promoting renewable energy use, and enhancing energy infrastructure. The Government Council previously opposed the initiative by arguing that energy consumption in the canton is part of a broader international issue, particularly since Bern exports energy. The council also pointed to the growing energy demands of other data centers, advancements in energy storage technology, and the volatility of Bitcoin mining. It also pointed out that Bitcoin is not legal tender and is not regulated by the Swiss National Bank. Despite these objections, proponents of the motion see the approval of the report as a reflection of changing attitudes toward Bitcoin. Samuel Kullmann , a member of the canton’s parliament, described the decision as a shift in the narrative around Bitcoin as people are overcoming fears and doubts that are very often associated with the cryptocurrency. Bitcoin mining The motion’s success aligns with Switzerland’s broader pro-crypto reputation. Cities like Zug, which is home to the Ethereum Foundation and numerous blockchain firms, and Lugano, which hosts the annual Plan B Forum, established the country as a hub for blockchain innovation. Ripple CEO Brad Garlinghouse also praised Switzerland’s progressive stance on cryptocurrency. Dennis Porter , co-founder of the Satoshi Action Fund and a key figure in drafting Pennsylvania’s recent “Bitcoin rights” legislation, contributed to the proposal for the Bern report.
