10 reasons why Bitcoin will cross $100k in 2024
Bitcoin's had a great 2023 - zooming from $16,580 to $44,000. I expect to see Bitcoin cross $100,000 in 2024. Here are 10 reasons why.
Bitcoin's had a great 2023 - zooming from $16,580 to $44,000. Here’s a graph depicting BTC prices this year.
Here’s a graph depicting Bitcoin Prices, Fees, and Volume in 2023.
Note: Fees are in pink. Prices in red. Volume in green.
I expect to see Bitcoin cross $100,000 in 2024.
Here are 10 reasons why.
1. Limited Supply and Halving Event
Bitcoin has a capped supply of 21 million coins. The next halving of block rewards is expected in 2024. This will slow down the rate of new Bitcoin creation and will contribute to Bitcoin's scarcity and potential price increase.
Bitcoin price v halving graph by CoinCodex
2. Tokenization will 10x Crypto by 2030
A Boston Consulting Group (BCG) report predicts that the total size of illiquid asset tokenization globally will be $16 trillion by 2030.
Considering that the total market capitalization of Crypto is currently less than 1.5 trillion, that's an amazing 10x opportunity! As this growth plays out, we can expect smooth growth in Bitcoin prices.
3. Institutional Adoption
Increasing interest and investment from institutional investors could drive up demand significantly. If more corporations start holding Bitcoin as a reserve asset, similar to what was observed with some major companies in previous years, this could have a considerable positive impact on its price.
4. Mainstream Acceptance
2024 will show a continued trend toward mainstream acceptance and integration of Bitcoin for transactions and payments by businesses and retailers. As Bitcoin becomes more embedded in everyday financial activities, its demand and price will increase in 2024.
5. Global Economic Conditions
Traditional financial markets will experience volatility and inflation will continue to be a concern in 2024. This will encourage many investors to view Bitcoin as a digital gold and a hedge against inflation. This will lead to increased demand and a rise in its price in 2024.
6. Technological Advancements
Enhancements in scalability and efficiency through upgrades will make Bitcoin more attractive to users and investors in 2024.
7. Regulatory Clarity
I expect positive regulatory developments in major economies. Governments and regulators will establish clear policies for cryptocurrencies. This will boost investor confidence and encourage more investors to enter the market.
8. Increased Retail Investor Interest
Awareness and understanding of Bitcoin will continue to grow in 2024. This will result in more retail investors entering the market, attracted by past performance and future potential.
9. Decentralized Finance (DeFi) Growth
Bitcoin’s integration or use within the growing DeFi sector will further improve its utility and value.
10. International Remittances and Financial Inclusion
Bitcoin’s role in offering a cheaper and faster alternative for international remittances and providing financial services to the unbanked or underbanked populations will enhance its utility and demand. A lot of this can be expected in African nations.