Bitcoin OG attributes bull cycle to the influence of Bitcoin layer 2s

Bitcoin OG and former maximalist, Dan Held, believes that integrating layer-2 blockchains on top of Bitcoin could unlock its true potential and drive its price to unprecedented levels. In an exclusive interview with Cointelegraph, Held stated that people will start using their Bitcoin to earn yield by staking and borrowing against it. Along with the upcoming halving, recent BTC exchange-traded fund approvals, and a potential interest rates cut from the US Federal Reserve, Held believes that Bitcoin decentralized finance (DeFi) could trigger the biggest bull run in history. Once a Bitcoin maximalist, Held has now become a strong advocate for Bitcoin layer 2s, which enable developers to build smart contracts on the blockchain and expand the protocol’s capabilities. According to Held, Bitcoin will soon compete with established platforms like Ethereum and Solana in capturing a significant share of the DeFi market due to its large user base, high liquidity, and long-term viability. Currently, the Bitcoin blockchain has around $2.2 billion in locked value, and Panter Capital estimates a potential of $500 billion for this emerging sector. For more information on the emerging Bitcoin DeFi sector and its potential impact on the current bull run, check out the full interview on Cointelegraph’s YouTube channel and don’t forget to subscribe.