Unlock the Future of Bitcoin: Suppressed Demand and Halvings Could Launch Bitcoin to $1 Million

Investing in Bitcoin has proven lucrative over the years, with the world’s most valuable cryptocurrency ascending from a market capitalization of only $1 billion in 2011 to its current mark of an astounding $845 billion. In recent years, Bitcoin (BTC 3.32%) has shot up over 110%, with its value rising up to 150% during 2023 alone.

However, according to certain financial professionals, Bitcoin’s future is only just beginning. In 2024, the approval of spot Bitcoin exchange-traded funds (ETFs) could cause the demand for Bitcoin to surge, with prosperous returns in store for existing holders. Read on to explore how suppressed demand and Bitcoin halvings could skyrocket the currency to unbelievable heights.

Exploring the Investment Thesis Behind Bitcoin

As the most popular and most valuable cryptocurrency, it’s clear that Bitcoin is held in high esteem. It’s market capitalization of $845 billion constitutes a hefty 50% of the entire cryptocurrency market, and one of the primary reasons why it maintains such relevance is its early entrance in the market.

The year 2009 brought forth the beginnings of cryptocurrency with the mining of the first Bitcoin on January 3rd. Compared to its peers, the early onset of Bitcoin has made it a household name which more and more investors are looking to for their portfolio.

Bitcoin’s insinuation of stability and simplicity is another factor for its retained success. Its source code caps its supply at an irreplaceable 21 million coins, something that other cryptocurrencies cannot boast and a feature which makes it similar to gold. Therefore, as scarcity of Bitcoin increases, so does its net worth, making it an alluring investment opportunity.

Spot Bitcoin ETFs Could Elevate Demand for the Currency

The possibilities surrounding the approval of spot Bitcoin ETFs in 2024 could stir up a seismic storm of demand. Allowing for investors to access the cryptocurrency with a single click from existing brokerage accounts, giants like BlackRock and Fidelity can draw large investments from institutional outlets into Bitcoin.

Although the United States Securities and Exchange Commission (SEC) has rejected such proposals in the past, the recent rebuke from a federal appeals court regarding the flimsy reasoning has instilled the belief that approval of some spot Bitcoin ETFs in early 2024 is likely.

According to Anthony Scaramucci, founder of SkyBridge Capital, the BlackRock ETF alone can bring in an estimated $100 billion of institutional investments into Bitcoin. As a result of a higher demand in the currency, its worth could soar to approximately $330,000, translating into a massive 685% increase from its current value.

Michael Saylor, former Chief Executive Officer of MicroStrategy, is even more bullish with his outlook of the situation, naming two major catalysts that could bolster Bitcoin in 2024: the approval of spot Bitcoin ETFs and the next Bitcoin halving event.

The former can increase demand from retail and institutional investors, while the latter can reduce the amount of Bitcoin miners are allowed to offer onto the market due to the hardcoded process of cutting mining rewards in half every four years. The resulting decrease in overall supply further elevates the worth of the currency.

Based on his 2022 prediction of $500,000 in the following decade, Michael Saylor now believes Bitcoin is ‘not going to zero’ and is on the path of reaching at least $1 million by 2030 – an increase of 2,280% from its current price!

The asset management company operated by Cathie Wood seizes the optimistic trend and claims a per Bitcoin price of $1.48 million until 2030. This exuberant figure implies that the currency can surpass all limits and increase by more than 3,400% from its current value.

Is it Worth Investing in Bitcoin Now?

What awaits BTC in the future – monster price targets or crashing disappointment – no one can accurately predict. The cryptocurrency market is both volatile and unpredictable, and the approval of spot Bitcoin ETFs can never be fully certain.

That being said, investors who are willing to absorb the risks should consider adding Bitcoin to their portfolio right now, as the current markers open the doors to some promising investments. Diversifying the portfolio and incrementally increasing the Bitcoin share to a maximum of 5% is the ideal approach.

On the other hand, those looking to play it safe must understand that cryptocurrency isn’t suitable for everyone and other alternative investments should be explored.