2023-08-04 05:33:22
Although bitcoin has been mostly sideways in recent weeks, according to some analysts, there is a chance that we will reach the $1 million exchange rate. MicroStrategy, for example, is betting that the price of its decentralized finance (DeFi) flagship will soon top $1 million. Finbold analyzed the factors that might lead to a price peak. Bitcoin Halving One of the events that usually has a positive effect on the bitcoin exchange rate, as the miner’s reward and the amount of BTC in circulation decreases, which can increase demand and drive prices up. According to the forecasts, the next halving will take place in May 2024, which, according to the PlanB analyst, might give room for an upward curve once more. And the good news is that not only insiders think the same way, because recently BlackRock (which up until now has claimed that its clients are betting on BTC from the ground up) has publicly embraced Bitcoin. The company’s Bitcoin ETF has given a huge boost to the adoption of the cryptocurrency industry and encouraged more companies to follow suit, helping the price rise massively. Acceptance of bitcoin as a means of payment Bitcoin is becoming a globally accepted means of payment and nowadays it is no longer surprising to stumble upon a bitcoin ATM on the street. According to Coin ATM Radar statistics, there are currently around 36,317 cryptocurrency ATMs operating worldwide. Increased acceptance will undoubtedly increase the demand for cryptocurrency. Favorable regulatory environment Governments and regulatory authorities are increasingly open to bitcoin. For example, UK Chancellor of the Exchequer Andrew Griffith rejected the commission’s proposal to regulate investing in cryptocurrencies as gambling. Malta has issued several bills supporting Bitcoin, and recently it was revealed how many BTC the Democratic US presidential candidate Robert F. Kennedy Jr. bought. Escape from the current economic situation In the midst of the global economic crisis, more people are turning to Bitcoin, including the famous Robert Kiyosaki also an investor who believes that the American economy is in decline. By the way, the author of the bestseller Rich Dad Poor Dad has long advised his readers to buy gold, silver and bitcoin to survive the coming stock market crash. According to his opinion, bitcoin can reach the exchange rate level of $120,000 next year. At the time of writing, bitcoin is trading at $29,402.
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