Can you still remember the last bull run? That’s right! Bitcoin reached its all-time-high with a raging $68,789.63 in 2021.
What factors caused the bull run? Some prominent analysts says that big organizations and institutions became bullish and some says it is because of the halving event. But no matter what reason it might be, we are surely looking forward to the next bull run.
Halving events has always been giving us a positive impact on the currency even with alternative tokens. Bitcoin‘s halving occurs every 4 years, that means as of the writing of this article, we only have few months left until the next halving! In the past, halving occurrences have been linked to more scrutiny, publicity, and frequently resulted in increases in prices. This principle of scarcity has been highlighted as one of the factors that make Bitcoin an asset worth keeping and called a “digital gold.” What do you think will happen to Bitcoin after the halving event in 2024?
Most individuals think of bitcoin as a possible reserve that is valuable similar to gold due to its decentralized structure, limited circulation of twenty-one million tokens, and limited supply. According to the “digital gold” myth, Bitcoin might act as a protection versus inflation and financial instability. The notion that “an asset with only a limited number or supply should increase in price as time passes” is used to back up this viewpoint.
The continual acceptance of Bitcoin by businesses, financial institutions, and large investors may increase the credibility of its use as an asset. More reputable firms entering the market may result in a more thorough incorporation of Bitcoin into conventional financial institutions.
The distributed ledger, or blockchain, the system of records that powers Bitcoin, is still developing.
Several of the network’s present boundaries might be resolved by advancements in scaling, solitude, and privacy. Technological advancements may potentially improve the use and accessibility of Bitcoin to a wider range of users. More user means that the digital currency is being adapted by the society and that can be a positive impact for the token.
Aside from that, competition can also affect the future of Bitcoin. Though Bitcoin continues to be the most prominent and commonly used cryptocurrency, it is up against rival initiatives that provide different characteristics and utility. Some more recent cryptocurrencies have a strong emphasis on transaction speeds, increased secrecy, or improved programming ability. A key determinant of the future of Bitcoin is going to be its capability to keep up its lead regardless of the competition in the crypto space.
