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In a recent interview, Cardano founder Charles Hoskinson shared a vision for integrating Bitcoin with the Cardano ecosystem.
In his interview with crypto analyst Scott Melker, Hoskinson addressed criticisms of Cardano’s technology while highlighting plans to allow Bitcoin DeFi through Cardano’s infrastructure.
As per the founder, it could impact Cardano’s price in the long term. This discussion took a backseat to technological developments as Hoskinson focused on the network’s capabilities rather than short-term market movements.
With Cardano working to become a bridge between Bitcoin and the broader cryptocurrency ecosystem, these developments could eventually influence ADA price action through increased utility and adoption.
Cardano’s Bitcoin DeFi Strategy Could Influence Price Dynamics
Hoskinson detailed Cardano’s approach to enabling Bitcoin DeFi, which could potentially influence price trends through increased network utility.
“We’re working with Fargate on something called BitVMX,” Hoskinson explained. “It’s a RISC-V processor and basically you can compile code to it, then transpile it to Bitcoin script, and then embed that in Taproot.”
This technology would allow Bitcoin users to leverage Cardano’s smart contract capabilities while continuing to operate within the Bitcoin ecosystem.
The Cardano price implications could be substantial if this integration succeeds, as it would position Cardano as essential infrastructure for Bitcoin’s expanded functionality.
Hoskinson emphasized that Cardano’s Babel fees system would allow users to pay transaction fees in Bitcoin rather than ADA, creating a seamless experience.
“From a Bitcoin user’s perspective, it’s Bitcoin all the way through end to end. There’s no second token. There’s no different ecosystem,” he said.
The integration strategy focuses on connecting the massive liquidity and market cap of Bitcoin with Cardano’s programmability.
“When you look at liquidity and market cap, that’s four times larger than Solana and Ethereum combined,” Hoskinson noted about Bitcoin’s potential.
According to him, this connection could drive future Cardano price appreciation through increased demand for network services.
Addressing Misconceptions as Cardano Price Seeks Direction
Hoskinson pushed back against common criticisms of Cardano. He offered context that could help investors better understand factors affecting Cardano price movements. Hoskinson stated,
“When they say Cardano’s old tech or it can’t scale or all these other things, it’s like, guys, we spent 10 years building the fucking thing and there’s 168 scientists that have worked on it, 240 papersl.”
The Cardano founder highlighted several achievements that he believes are often overlooked by critics while Cardano price has struggled to maintain upward rise. He noted,
“The Edinburgh Decentralization Index says that Cardano is the most decentralized cryptocurrency on the planet.”
He added that the network has been running for seven years with no downtime. Cardano’s governance structure was another point of emphasis.
Hoskinson also pointed to “a thousand D-reps, that’s twice as many as the congressmen that represent 340 million people in the United States.”
He mentioned Cardano’s $1.5 billion on-chain treasury under community control.
Hoskinson Speaks About Cardano Price
Regarding Cardano price performance and development progress, Hoskinson emphasized the network’s steady growth:
“Year by year, TVL increasing by 100% or more, year by year, dApps are increasing dramatically, year by year, transaction volumes increasing dramatically.”
These underlying metrics, as per Hoskinson, form a basis for Cardano long-term price stability away from short-run market volatility.
Hoskinson addressed the existing regulatory environment that may influence Cardano price action within the next few months.
The Cardano founder described that a lot of things are going on in Washington DC with two major bills being considered:
“There’s two bills which are currently being debated in the House and Senate. The one that’s most likely to be passed in next 60 to 90 days is the stablecoin bill. And then the second one is the market structure bill.”
These regulatory developments may generate new opportunities influencing Cardano price by bringing clarity to institutional investors and big technology players.
Hoskinson predicted that once these bills pass, “Apple, Microsoft, Google, Facebook are going to say, hey, we’re crypto people now.
And so they’re going to put wallets in their platforms because they can capture an enormous amount of the market.”
