Bitcoin to hit $100K in 2024? Canaan VP weighs up 2024 halving opportunities

Executives from outstanding mining and manufacturing companies consider market forces ensuing from the fourth Bitcoin halving scheduled in 2024 might drive the value of Bitcoin (BTC) previous $100,000.

Journal editor Andrew Fenton spoke to Canaan vice chairman Davis Hui following a panel dialogue at Canaan’s Avalon Bitcoin and Crypto Day (ABCD) in Singapore.

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Hui and a panel that included Bitcoin mining ecosystem executives from Singapore, Kazakhstan and the United Arab Emirates all provided BTC worth predictions round $100,000 in 2024 ensuing from the consequences of the newest Bitcoin mining reward halving.

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Hui advised Cointelegraph that the availability of Bitcoin can be drastically diminished with the reward halving down to six.25 BTC per block, whereas conventional finance establishments are displaying elevated curiosity in investing within the sector:

“What about BlackRock? They’re holding onto $10 trillion of belongings below administration. The general cryptocurrency market cap is $2 trillion — they’ve 5 occasions greater than that.”

The Canaan VP stated his prediction was closely influenced by the result of quite a few Bitcoin exchange-traded fund purposes lodged with the USA Securities and Change Fee by among the world’s largest asset managers.

“This cash will are available, the BTC demand will improve, whereas the availability has decreased, and the value will improve.”

Hui additionally famous that it had turn out to be troublesome for many miners to proceed working in extremely aggressive market circumstances, with all-time hash charges and community difficulties straight consuming into miner profitability.

Those that couldn’t cowl electrical energy prices with the Bitcoin mining rewards earned will merely shut off these machines, whereas those that proceed working will accomplish that with a view of the potential upside forward of the 2024 halving, he stated.

Miners who can improve to extra environment friendly and highly effective machines are in a position to preserve higher profitability, he stated. Hui predicts that mining corporations within the U.S. could be notably laborious pressed, given excessive electrical energy and administrative prices.

Hui additionally conceded that Canaan was among the many business corporations to have reported a monetary loss within the first quarter of 2023, highlighting the impression of a protracted cryptocurrency bear market.

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