With everything that is currently happening around Bitcoin, I have never been more bullish about its future. For people who have been following my work for any length of time, you will know that is quite a bold statement. After all, I’m always bullish and excited about Bitcoin’s future. But, nothing compares to how I’m feeling now.
Regardless of price, the first thing you need to know about Bitcoin is that it was never supposed to make it this far. Even it gaining a value above zero was a long shot. Then after that, there was a real risk that it could become a criminal offense to even own it. There were some dark days in Bitcoin’s past and for it to reach the point it has today is truly a miracle. Each day that Bitcoin survives and is producing blocks, means that it is another day stronger.
Covid & Summer of Insolvencies
You would never trust a currency that hasn’t been tested time after time and lived to tell the tale. That is exactly what Bitcoin has been going through the last few years. During the Covid crash of March 2020, Bitcoin’s price dropped to $3.5k, and many were declaring that it would never recover.
During 2022, it seemed like nearly every major cryptocurrency company became insolvent. Companies such as BlockFi, Celsius, Voyager, Vauld, Hodlnaut, 3AC, and the list goes on. The largest domino of them all was the FTX fraud. At the time FTX was the 2nd largest crypto exchange in the world and was becoming well-respected. Their fraud shocked the crypto market and really damaged the image of the entire market. Once again, experts were declaring that the death blow had finally been dealt to the Bitcoin and crypto market and that it would never be able to recover. However, Bitcoin stood back up after each disaster, and has become even stronger.
Banking Crisis
There was real panic in the financial markets when banks across the US began collapsing. There were fears of bank runs, and just how far the contagion would spread. When people began having their cash frozen by banks, that is when they finally began to wake up to Bitcoin’s true value. While other asset classes were dropping, during this time Bitcoin behaved like a safe-haven asset. Going from $16k, up to $30k. This situation alone completely changed the mood in the Bitcoin market.
Bitcoin Builder Mindset is Back
In my opinion, when it comes to cryptocurrency. Bitcoin is the name of the game, and you need to accumulate as much as you possibly can. It is the most pristine and treasured crypto asset. With that said, there is no denying that development and even innovation had been moving at a snail’s pace.
But this year that all began to change with the surprise implementation of Ordinals (Bitcoin’s version of NFTs), and BRC20 tokens. All of a sudden, what was thought to be impossible with Bitcoin, was now possible. More importantly, this began to shift Bitcoiner’s mindset back to being excited about innovation, and what could be possible on it. Developers began flocking back to Bitcoin like we haven’t seen in years. Because of this new change in mindset, Bitcoin’s future has never looked brighter.
BlackRock’s Spot Bitcoin ETF
With the SEC and President Biden’s administration seemingly making crypto their enemy number one. This had caused many of us to give up on the dream of finally having a Bitcoin spot ETF approved this year, or possibly anytime soon.
If you are unaware, the US Bitcoin spot ETF has become legendary at this point. There is a strong consensus that it will be the catalyst that finally sends the price of Bitcoin over $100k and beyond. Everything changed when it was announced that BlackRock, the largest investment fund in the world, had applied for the spot ETF. No one in the financial market has more power and is better respected. Just a few months ago a spot ETF being approved this year seemed like an impossible dream, but now it seems very likely.
The Bitcoin Halving
Finally, the Bitcoin halving is still on the horizon to happen in the first half of 2024. If you are unaware, the Bitcoin halving occurs approximately every four years and cuts the Bitcoin mining issuance rate in half. This causes inflation to decrease and eventually causes a supply shock that is the catalyst that starts each crypto bull market.
In 2020 when the last halving took place, Bitcoin’s price was in the $7k-$8k range. During the bull market, the price would eventually rise up to $69k. This time around Bitcoin is currently above $30k. With the likely spot ETF being approved in combination with the next halving. It is very exciting to think about just how high the price of Bitcoin could go.
How about you? Why are you bullish about Bitcoin?
Read Exclusive Articles 1st on
or
As always, thank you for reading!
