Bitcoin Halving and Its Impact
Anticipation for Bitcoin’s Price Surge in 2024
※ Cryptocurrencies are highly volatile investments. It’s crucial to exercise extreme caution, as significant losses can occur.
Experts predict that Bitcoin, the representative cryptocurrency, will break through the minimum price of $60,000 in its halving year.
Bitcoin halving occurs roughly every four years, reducing the mining reward for Bitcoin by half.
Since its inception in 2009, Bitcoin has experienced halving three times: in 2012, 2016, and 2020.
The mining activity is anticipated to decrease substantially in 2024 as the mining reward undergoes a reduction.
A decrease in the amount released into the market is bound to drive an increase in value. In fact, in 2016, the value of Bitcoin surged more than 30 times compared to the previous year.
Expert Predictions for Bitcoin’s Price
Many experts predict that Bitcoin, which soared by 152% last year due to expectations of the U.S. Securities and Exchange Commission (SEC) approving a Bitcoin spot exchange-traded fund (ETF) and the Federal Reserve’s expected rate cut, will rise even more significantly with the halving.
Mark Mobius, emerging markets fund manager and founder of Mobius Capital Partners LLP, known as an investment genius, recently predicted that Bitcoin will break through $60,000 by the end of the year. This is known to be the most conservative among the major forecasts.
The most aggressive forecast is a breakthrough of $500,000 within the year. Venture capital firm CoinFund predicted that Bitcoin will record $500,000 this year.
Seth Ginns, Managing Partner and Head of Liquid Investments at CoinFund, commented on the potential advancements in the cryptocurrency market, specifically regarding Bitcoin. He noted that U.S. authorities are anticipated to approve a Bitcoin spot Exchange-Traded Fund (ETF) within the first quarter. Following the launch of this spot ETF, he expects a significant influx of institutional investors into the cryptocurrency market. Based on these developments, Gin predicted that Bitcoin’s value could surge, potentially breaking through the $500,000 mark this year and eventually surpassing $1 million.
Bitcoin’s all-time high is $69,000, recorded in November 2021.
By. Jeong Hun Bang
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