Bitcoin has performed extremely well in recent weeks and that is not going unnoticed. In fact, the world’s largest cryptocurrency is on the verge of making history as the first asset considered “rare than gold,” according to CNBC.
This historic milestone is underlined by the recent rise of Bitcoin, which has broken the $42,000 mark for the first time in more than a year, fueling speculation that the price will rise even further.
Bitcoin is becoming rarer than gold
CNBC highlights the importance of Bitcoin’s upcoming halving, an event expected to have a significant impact on the cryptocurrency’s stock-to-flow ratio.
This means that relatively fewer Bitcoins than gold will be mined after the halving, further increasing the rarity and potentially the value of Bitcoin.
The impact of the Bitcoin Halving
Bitcoin has experienced a remarkable revival in the past year. Speculation about the possible approval of a Spot Bitcoin ETF (Exchange-Traded Fund) has had a significant impact on the price of the coin. In addition, the upcoming Bitcoin Halving, a key moment in which mining rewards are halved, is poised to boost its value even further. This makes Bitcoin one of the scarcest assets on the market.
Recently, CNBC highlighted the potential impact of the Bitcoin Halving. This could make Bitcoin the first asset in history that is “rarer than gold.” This means that proportionately less Bitcoin than gold will be mined after the halving, which could lead to an even higher valuation of Bitcoin.
The halving not only affects Bitcoin’s scarcity, but historically has often led to significant price increases. Combined with the possible approval of a Spot Bitcoin ETF, this could create a very favorable scenario for Bitcoin’s value development.
Standard Chartered’s forecast: BTC $100,000 by the end of 2024
Recent developments in the Bitcoin market have led Standard Chartered to make an ambitious prediction: a price increase to $100,000 for Bitcoin by the end of 2024. This forecast is supported by Bitcoin’s upcoming halving and increasing interest in the cryptocurrency. Considering these factors, Bitcoin appears to be on track to reach a historic milestone.
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2023-12-06 20:24:03
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