Key Points
- Cardano founder Charles Hoskinson says that ADA could grow up to 1,000x and beat Bitcoin soon.
- The network is aimed at serving as a yield-generating layer for Bitcoin’s DeFi apps.
- One major factor that might drive more traction towards Cardano is the upcoming Midnight Glacier Drop and new audit reports.
Cardano’s sights are now set on a new future. The network is now setting its sights on a future where it doesn’t just compete with Bitcoin:
It might outgrow the flagship network.
According to Cardano founder Charles Hoskinson in a recent interview, ADA could deliver returns 100 to 1,000 times more than Bitcoin.
Could upcoming developments like the Midnight Glacier Drop and recurring ADA airdrops be the spark that ignites this future?
Why Cardano Might Have a Bigger Future Than Bitcoin
Hoskinson didn’t mince words in the interview when he compared ADA to Bitcoin.
While he acknowledged that Bitcoin could still rally as high as $1 million (around a 10x gain from current levels), Cardano still has far more upside.
Hoskinson stated, “How much further can Bitcoin go? ADA can do 100x or 1,000x from here.” By this, he was referring to ADA’s relatively smaller market cap and rising use cases.
The cryptocurrency now trades at around $0.78, which means that a 1,000x increase would push it near $780 per coin. That would raise Cardano’s market cap to a staggering $27.5 trillion.
In comparison, Bitcoin would need to hit $1 million to reach a $20 trillion market cap. While this prediction seems slightly far-fetched, Hoskinson argues that ADA has a wider range of features and therefore has more room to grow.
Cardano Could Outperform Bitcoin In DeFi
A big part of Hoskinson’s bullishness comes from Cardano’s rise in Bitcoin’s DeFi circle. He believes that as Bitcoin DeFi takes off, Cardano will likely follow as a backbone for generating yield.
In fact, he predicted that by next year, Bitcoin-based DeFi could hold between $50 billion and $100 billion in total value locked (TVL).
If that happens, and Cardano manages to hold steady as a smart contract platform in that space, demand and ADA price could skyrocket simultaneously.
The Midnight Glacier Drop could be the Fuse
Another factor in this bullish case is the upcoming Midnight Glacier Drop, which is expected to launch in August. This mechanism is expected to bring recurring airdrops to ADA holders.
In essence, investors will get rewarded simply for holding the token. This is expected to boost the appeal of holding ADA, and investors will start to jump on by the millions.
This drop isn’t another marketing gimmick. It is designed to strengthen Cardano as a network and make it more integrated with partner chains.
Hoskinson sees this as a tool for onboarding more long-term believers and providing incentives across the network.
Price Action and Market Sentiment
Cardano has held its ground so far, despite recently dropping in price after the recent Federal Reserve decision to hold interest rates.
The cryptocurrency dropped to $0.69 but quickly bounced back to around $0.73, where it now sits.
Even with the price nearly 75% below its all-time high of $3.10, Cardano remains attractive to investors all over the market.
In all, the upcoming audit report and Midnight Drop are expected to build even more traction for the asset as the weeks roll by.
When could ADA reach $780?
So how long could it take for ADA to hit the ambitious $780 target? There are several predictions from analysts and prediction models on the internet, like CoinCodex.
However, aside from Hoskinson’s projections, predictions from platforms like Changelly and Telegaon expect ADA to reach $78 between 2036 and 2040.
This would be a 100x gain, while the more extreme 1,000x price point near $780 might come even later, likely by 2050.
While predictions in general tend to be speculative, Hoskinson’s vision for Cardano is that the asset follows Bitcoin on its way to the $1 million mark.
