Bitcoin believers and investors are eagerly anticipating the halving event scheduled for April 2024, hoping it will trigger a surge in prices. Despite facing regulatory challenges and fraud concerns, the cryptocurrency has seen a 76% increase in value this year. The Securities and Exchange Commission (SEC) has taken action against exchanges Binance US and Coinbase, adding to the regulatory uncertainty in the market. However, Bitcoin remains resilient, with experts suggesting it may have a secure position as a non-security token.
Janine Grainger, the founder and CEO of Easy Crypto, believes that the halving event could lead to the next bull run, citing historical patterns of price rises following previous halvings. Institutional interest in Bitcoin is also growing, with asset managers like BlackRock, Fidelity, and Invesco expressing interest in spot-price Bitcoin exchange-traded funds. These institutional players are seen as key drivers of greater cryptocurrency adoption.
Despite the positive signs, Grainger acknowledges that there is still some skepticism and hesitation surrounding Bitcoin, even from banks. She urges people to consider the significant digitization that has occurred globally in recent decades and to view cryptocurrencies more strategically.
In New Zealand, trading volumes of cryptocurrencies have been relatively low, according to Grainger. The market as a whole has experienced a period of stability, leading her to describe the current state as a crypto winter. However, Grainger remains optimistic about the future of cryptocurrencies, emphasizing the potential for growth and the increasing support from institutional investors.
Overall, Bitcoin investors and believers are placing their hope in the April 2024 halving event as a potential catalyst for another bull run. Despite regulatory challenges and skepticism from some sectors, institutional interest in Bitcoin continues to grow, leading to expectations of increased adoption. While trading volumes in New Zealand have been lower, the broader market remains stable. As the cryptocurrency market evolves, it is clear that Bitcoin’s future holds both exciting prospects and regulatory hurdles.
