As we move into 2024, the upcoming halving event for Bitcoin takes center stage. Alongside this significant event, the next few months hold key factors influencing Bitcoin’s price trends: the establishment of clear regulatory guidelines, the growing adoption by large institutions, and the impending halving process.
As highlighted by Thinking Crypto’s new YouTube video, here are the five major use cases for Bitcoin and cryptocurrencies in the coming year that could impact their prices:
Mass Adoption of Cryptocurrencies: The question of where and by whom the first significant use case for cryptocurrencies will be established remains open. This early stage of mass adoption could lead to increased demand and price growth.
Crypto ETFs: Major financial players are creating crypto exchange-traded funds (ETFs), allowing cryptocurrencies to be bought on traditional stock markets. This could bring substantial buying power into the market, potentially driving prices up.
Amazon and Ripple: With Amazon’s CFO joining Ripple’s board of directors, there is speculation that Amazon might introduce its own cryptocurrency product. The exposure of Ripple (XRP) on Amazon’s official website indicates positive developments in the works.
Payment Systems and Adoption: Payment platforms like PayPal and others are integrating cryptocurrencies, making them more accessible to the masses. This increased adoption, especially by influential figures like Elon Musk, could lead to price surges.
Geopolitical Uncertainty: During global crises, Bitcoin has often been considered a safe haven. Recent geopolitical tensions, such as the situation in Ukraine, have ignited interest in cryptocurrencies as a hedge against uncertainty.
Investors are taking a lot of interest in the crypto world right now. This week, eleven new startups got nearly $60 million in funding. They’re mostly working on something called “liquid staking” and making smart contracts more secure. For example, Helio Protocol got $10 million to make a new kind of staking technology. Puffer Finance also got $5.5 million to improve staking.
Talking about Bitcoin Halving, the analyst said that it happens every four years and in 2024, even fewer coins will be around because institutions and people are holding onto them. This could make less supply and higher prices for Bitcoin.
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