Accéder au contenu principal

Bitcoin Demand Set To Soar 10-Fold

Michael Saylor, the executive chairman and co-founder of MicroStrategy Inc, anticipates a substantial surge in Bitcoin’s value following the US Securities and Exchange Commission’s approval of a spot ETF, and a subsequent surge in demand for the leading cryptocurrency.

Renowned as a Bitcoin advocate, Saylor reaffirmed his belief in the unparalleled potential for Bitcoin, foreseeing a tenfold upsurge in its value.

This week, Bitcoin hovered near the $36,000 mark, narrowly missing it before tumbling back to $34,300. The abrupt correction followed a nearly 25% climb in the last month, prompting some traders to seize profits and market participants to re-evaluate the driving forces behind the rally.

Resilience Of Bitcoin And SEC ETF Prospects

Although the nearly 5% intraday retreat signaled what some analysts call a “cooling-off stage”, several market observers maintain a positive outlook on the crypto.

Despite the volatility, Saylor remained unfazed by the erratic price action. On November 1, MicroStrategy’s announcement of purchasing 155 Bitcoins for $5.3 million showcased an unwavering commitment to the cryptocurrency, underscoring the resilience of those who continually support Bitcoin through market fluctuations and price swings.

At present, the SEC is in the process of examining many applications for a Bitcoin ETF following a prolonged period of delay. According to numerous analysts, it is widely speculated that an approval may be forthcoming as early as January 2024.

Image: Screen grab from CNBC

During his discussion with CNBC, Saylor conveyed that a yearly $12 billion of natural selling is anticipated to transform into $6 billion annually, aligning with the escalating demand for bitcoin driven by spot bitcoin ETFs.

He underlined the prevalent bullish outlook, emphasizing the upcoming 12-month period’s potential as a result of the expected rise in demand and a concurrent reduction in supply, “and this is fairly unprecedented in the history of Wall Street,” he said.

Bitcoin currently trading at $34,835 territory. Chart: TradingView.com

Key Factors Driving Saylor’s Conviction In Crypto’s Future

Saylor’s conviction in the cryptocurrency is further derived from the convergence of several forthcoming Bitcoin-related developments throughout the upcoming year. Firstly, it is important to note that Bitcoin is scheduled to undergo a “halving” event in April 2024.

This event will result in a 50% reduction in Bitcoin mining incentives, so significantly decreasing the quantity of Bitcoin that is expected to be introduced into the market by miners.

With a valuation of $34,715 at the time of writing, based on figures by CoinMarketCap, and an impressive 24-hour trading volume of nearly $20 billion, Bitcoin is holding its ground and indicating a flurry of activity in the cryptocurrency space.

Image: Shutterstock

With a measly 2.1% decline, Bitcoin is still the market leader with a $678 billion market value, demonstrating its unwavering dominance. This developing narrative is fueling conversations about scarcity and value as the circulation supply of Bitcoin gets closer to the 19 million mark, which is close to its finite cap of 21 million.

Meanwhile, a significant breakthrough occurred when Bernstein, an investment research firm that had previously expressed doubts about Bitcoin’s prospects, recently issued an optimistic prognosis. They projected that by 2025, the cryptocurrency may be worth $150,000, if there was a real chance that a spot Bitcoin ETF would acquire approval. It’s important to remember that Bitcoin reached its highest point in November 2021, briefly surpassing $69,000.

Featured image from iStock




Source link

The post Bitcoin Demand Set To Soar 10-Fold appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Hong Kong SFC Raises Alert Over MEXC Imposter

The Hong Kong Securities and Futures Commission (SFC) has issued an alert on a suspected fraudulent platform impersonating the presence and operations of a popular cryptocurrency exchange MEXC. This development comes from a joint operation between the Hong Kong regulator and the local police force aimed at uncovering illicit activities of virtual asset trading platforms (VATPs). SFC Warns Hong Kong Citizens Of Fraudulent Trading Platform According to an announcement on February 9, the SFC is warning crypto enthusiasts and investors of an ambiguous trading platform that operates under the name “MEXC.” In a joint investigation with the Hong Kong police, the securities market regulator discovered that “MEXC” has lured several investors into becoming members of group chats in which it claimed to offer “free investment advice.” Through this medium, “MEXC” was able to direct unsuspecting investors into depositing funds through fraudulent websites in order to purchase cryptocurrencies. Th...
Enregistrer un commentaire
Lire la suite

What’s In Store For Bitcoin With 85% Of Holders In Profit

Amidst a renewed wave of optimism sweeping through the broader cryptocurrency landscape, the resurgence of Bitcoin (BTC) to the pivotal $37,500 price threshold has become a catalyst for positive shifts. At present, a staggering 85% of Bitcoin holders find themselves in a profitable position, a testament to the resilience and potential of the leading cryptocurrency. Encouragingly, key indicators hint at the likelihood of this percentage expanding in tandem with Bitcoin’s upward trajectory. Making Money With Bitcoin As the market plummeted from its all-time high in November 2021, the amount of Bitcoin supply in profit has reportedly hit levels last observed two years ago, according to Glassnode. The analytics service also stated that the amount of unrealized profit contained in these currencies is still very small. Based on the latest figures from blockchain analytics website IntoTheBlock, some 85% of Bitcoin holders are profitable at the current price of the first cryptocurrency,...
Enregistrer un commentaire
Lire la suite

Instagram Is Experimenting With an Option To Add Files to DMs

What if you could send files in your IG DMs? That may soon be an option, with app researcher Alessandro Paluzzi uncovering this process in the back-end data of the app. As you can see in this example, Instagram’s experimenting with a new option that would let you add files to your messages as attachments. Which is not overly surprising. You can already send documents within WhatsApp , and on Messenger (in limited capacity), and with Meta still working to integrate all of its messaging platforms into a single system , it makes sense that it would also need to replicate the functionality of each, to ensure full parity. So, basically, every function within Messenger, IG Direct and/or WhatsApp will eventually be available in each other app, as that will then enable Meta to link them all together into a singular messaging system. As such, I do think this is coming, and is more than just an experiment, which will provide expanded functionality within your IG DMs, and could be handy...
Enregistrer un commentaire
Lire la suite